WASHINGTON–The week leading up to Labor Day meant little labor involved in filing mortgage applications.
The Mortgage Bankers Association said its Market Composite Index, a measure of applications volume, rose 0.9% on a seasonally adjusted basis from the week ended August 2, but was down 0.1% when unadjusted.
The average contract interest rate for 30-year fixed-rate mortgages (FRM) with conforming loan balances ($417,000 or less) increased to 3.68% from 3.67%, with points moving to 0.37 from 0.33. The effective rate was also higher than during the week ended August 26, the MBA reported.
The average rate for 30-year FRM with jumbo loan balances (greater than $417,000) moved up three basis points to 3.66% and points rose to 0.30 from 0.27. The effective rate increased from the prior week, according to the MBA.
The Mortgage Bankers also said the average contract interest rate for 15-year FRM was unchanged at 2.96%, with points increasing to 0.34 from 0.31. The effective rate was also unchanged.