Mortgage Purchase Index Falls 4%

Week-to-week data can be very volatile and no weekly data have been more volatile lately than mortgage applications. The purchase index fell 4.0 percent in the holiday shortened September 11 week. The refinance index, which has been swinging wildly the last several weeks, fell 9.0 percent. Rates were little changed with the average 30-year mortgage for conforming loans ($417,000 or less) down 1 basis point to 4.09 percent.