Mortgage Application Gains Resumed Post-Labor Day, Forbearances at Recent Lows

Mortgage application activity rebounded last week from the previous week's Labor Day holiday lull. The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of mortgage loan application volume, increased 6.8 percent on a seasonally adjusted basis and 18 percent unadjusted during the week ended September 18. The prior week's results included an adjustment to account for the holiday-shortened work week. Both refinancing and purchasing application volumes were strong. The Refinance Index increased 9 percent from the previous week and was 86 percent higher than the same week one year ago. The refinance share of applications constituted 64.3 percent of the total, up from 62.8 percent a week earlier. The seasonally adjusted Purchase Index added 3 percent and the unadjusted index...(read more)

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