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According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey, the number of home loan submissions declined during the final week of September.
For the week ending September 30, the Market Composite Index fell 4.3 percent on an adjusted basis and 4.5 percent unadjusted. Meanwhile, the Refinance Index, which measures the number of homeowners applying to adjust their home loan, declined 5.2 percent from the previous week. Additionally, the Purchase Index fell 1.7 percent on an adjusted basis from the week before and 12.1 percent unadjusted.
"Refinance application volume declined and purchase volume was little changed," said Michael Fratantoni, MBA vice president of Research and Economics. "Purchase borrowers continue to value the government lending programs that permit lower down payments."
The four-week moving averages for the Market and Refinance Indices both increased, growing 2.44 and 3.24 percent, respectively. The moving average for the Purchase Index declined, however, falling 0.33 percent on a seasonally adjusted basis.
Overall, refinancings accounted for 79.1 percent of the application volume, which is down from 79.7 percent the week before.
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