Mortgage Purchase Applications Rise, Refinancings Fall

Purchase applications for home mortgages rose a seasonally adjusted 1 percent in the September 23 week versus the prior week, putting the purchase index 10 percent higher than it was in the same week a year ago. Refinancing applications, meanwhile, fell 2 percent from the previous week despite lower interest rates, with the refinancing share of mortgage activity declining 0.4 percentage points to 62.7 percent. Mortgage rates fell back after rising in the prior week, with the average interest rate on 30-year fixed-rate conforming mortgages ($417,000 or less) declining 4 basis points to 3.66 percent.