Mortgage application volume increased by 12.8 percent during the week ended Sept. 18 compared to the previous week, according to the Mortgage Bankers Association‘s Market Composite Index.
The index was also 14 percent above the same week a year ago.
The refinance index increased by 17.4 percent from the previous week as interest rates on 30-year, fixed-rate loans dropped below 5 percent for the first time since May. Refinance applications accounted for 63.8 percent of all home loan activity during the week.
