Mortgage Purchase And Refinancing Applications Jump

Mortgage applications activity was hopping in the September 9 week, with the seasonally adjusted composite index rising 4.2 percent from a week ago and, bringing some good news for the housing market, it was purchase applications that led the way, jumping 9 percent higher on the week. Refinancing applications increased too, though by a more modest 2 percent. The increased pace pulled up the purchase index year-on-year gain by 1 percentage point to 8 percent. Very low mortgage rates were a major stimulus again, with the average interest rate for 30-year fixed-rate mortgages on conforming loans ($417,000 or less) falling by one basis point from the prior week to 3.67 percent.