Purchase Applications Spring Back to April Level
The traditional end of summer was accompanied by a tiny boost in the volume of mortgage applications. The Mortgage Bankers Association said its seasonally adjusted Market Composite Index, a measure of mortgage loan application volume, increased 0.3 percent during the week ended September 10 on a seasonally adjusted basis from one week earlier. The index included an additional adjustment to account for the shortened week following the Labor Day weekend. The Index dropped 10 percent on an unadjusted basis. The seasonally adjusted Purchase Index rose 9 percent although it was 5 percent lower than the previous week on an unadjusted basis and was 12 percent behind the same week one year ago.
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