When the Mortgage Bankers Association makes “an adjustment to account for the Labor Day holiday,” it finds that mortgage application volume increased by 9.5 percent in the week ending Sept. 5.
The Washington, D.C.-based association’s weekly Market Composite Index, a measure of mortgage loan application volume, was 496.2, based on the adjustment. The index finished the previous week at 453.1.
Without adjusting for the holiday, the Index decreased 13.6 percent compared with the previous week and was down 24.4 percent compared with the same Labor Day week one year earlier.
