Mortgage Purchase Applications Rise, Refinancing Falls

Purchase applications for home mortgages rose a seasonally adjusted 1 percent in the September 7 week, putting the purchase index 4 percent above the level a year ago. But applications for refinancing fell 6 percent from the prior week to the lowest level since December 2000, with the refinance share of mortgage activity falling 1.8 percentage points to 37.8 percent. The average interest rate on 30-year fixed rate conforming mortgages ($453,100 or less) increased by 4 basis points to 4.84 percent. The week's results include adjustments for the Labor Day holiday.