WASHINGTON (10/3/13)--U.S. mortgage applications decreased 0.4% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Sept. 27.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index declined.
The seasonally adjusted Purchase Index dropped 6%. The unadjusted Purchase Index fell 6% from the previous week and was 3% lower than the same week one year ago.
The Refinance Index rose 3% from the previous week. The refinance share of mortgage activity increased to 63% of total applications, the highest level since August 2013. It was 61% during the previous week. The adjustable-rate mortgage share of activity decreased to 6% of total applications.
To read the MBA release, use the link.