The Mortgage Bankers Association (MBA) reports for the week ending Sept. 26, mortgage applications slipped 0.2 percent on a seasonally adjusted basis from the previous week, while on an unadjusted basis the Market Composite Index (MCI) decreased 0.4 percent. The Refinance Index fell 0.3 percent from the week prior, while the seasonally adjusted Purchase Index was unchanged. According to theworldpropertychannel.com, the unadjusted Purchase Index fell one percent from the previous week, but was 11 percent lower than one year earlier. Refinance mortgage activity remained at 56 percent of total apps from one week prior, while the average interest rate for 30-year fixed rate mortgages (FRM) with conforming loan balances (less than $417,000) fell to 4.3 percent from 4.39 percent the previous week, as MHProNews has learned. ##
