Mortgage Activity Swung Back Around In The Past Week

Mortgage activity swung back around in the September 12 week, reversing heavy declines in the holiday shortened September 5 week. The purchase index rose 5.0 percent in the latest week after falling 3.0 percent in the prior week. The refinance index rose 10.0 percent after an 11 percent fall. The gains came despite a very sharp rise in mortgage rates in the week including a 9 basis point surge in the average rate for conforming loans ($417,500 or less) to 4.36 percent.