Mortgage Purchase And Refinancing Applications Rise On Interest Rate Drop

A drop in mortgage rates during the September 6 week help to give a lift to both refinance applications, up 5.0 percent in the week, as well as purchase applications which rose 4.0 percent. Year-on-year, purchase applications are up a strong 9.0 percent which is a favorable indication for a struggling housing sector. The average conventional 30-year mortgage fell 5 basis points in the week to 3.82 percent.