Mortgage Applications Drop on Weaker Demand for Refinancing
The total loan applications index fell 8.9% on a seasonally adjusted basis from a week earlier, with applications for refinancing loans slipping 10.8%, the Mortgage Bankers Association said. These figures include an adjustment to account for the Labor Day holiday.
The average contract interest rate for 30-year fixed-rate mortgages fell to 4.47% from 4.5%. The average contract interest rate for 15-year fixed-rate mortgages fell to 3.96% from 4%.