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Mortgage Applications Dropped 13.5% Last Week
WASHINGTON (9/12/13)--U.S. mortgage applications for the week ending Sept. 6 decreased 13.5% from the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The week's results included an adjustment for the Labor Day holiday.  
 
The Market Composite Index, a measure of mortgage loan application volume, dropped 13.5% on a seasonally adjusted basis. On an unadjusted basis, the Index fell 23%. The Refinance Index declined 20%. It fell 71% from its recent peak the week of May 3, and is at the lowest level since June 2009.
 
The seasonally adjusted Purchase Index declined 3% from one week earlier. The unadjusted index decreased 14%, compared with the previous week, and was 7% higher than the same week one year ago.
 
The refinance share of mortgage activity dropped to 57% of total applications from 61% the previous week and is at its lowest level since April 2010.
 
The adjustable-rate mortgage share of activity was unchanged at 7% of total applications. The Home Affordable Refinance Program share of refinance applications was unchanged from the prior week at 38%.
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