Mortgage activity was up a seasonally adjusted 1.8 percent during the week ended Sept. 1, in part because interest rates declined slightly, the Mortgage Bankers Association reports. Compared with the same week a year ago, there were 26.1 percent fewer mortgage applications.The refinance share of mortgage activity decreased to 41 percent of total applications from 4.15 the previous week. It was the first decline in seven weeks.
Lower rates are fueling demand. The average interest rate for a 30-year fixed-rate mortgage decreased to 6.31 percent from 6.39 percent the previous week with points increasing to 1.10 from 1.03. The average interest rate for a 15-year fixed rate mortgage decreased to 5.97 percent from 6.06. The rate for one-year ARMS decreased to 5.91 percent from 5.97.
Great news just in time for the Fall Market!
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