WASHINGTON, DC-Results of the weekly mortgage application survey of the Mortgage Bankers Association of America for the week ended Sept. 7 show the composite index increased 2.6% on a seasonally adjusted basis from the previous week to 601.8. On an unadjusted basis, the index declined substantially, 22.7%, but was up 76.7% compared with the same week a year earlier.

Refinancing activity represented 56.3% of the total applications, up slightly from 56% the prior week. Adjustable-rate-mortgage activity increased to 11.2% from 11% the previous week. The average contract interest rate for 30-year fixed rate mortgages was 6.73%, decreasing from 6.83% the previous week, with points increasing to 1.29 from 1.17, including the origination fee for 80% loan-to-value ratio loans. The survey, which has been conducted since 1990, covers about 40% of all U.S. retail residential mortgage originations.

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