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WASHINGTON, DC-Results of the weekly mortgage application survey of the Mortgage Bankers Association of America for the week ended September 14 show the composite index declined 11.4% on a seasonally adjusted basis from the previous week to 533.3. On an unadjusted basis, the application index increased 10% and was up 60.3% compared with the same week a year earlier.

Refinancing activity represented 55.5% of total application, decreasing from 56.3% the previous. Adjustable-rate-mortgage activity remained the same as the previous week at 11.1%. The average contract interest rate for 30-year fixed rate mortgages was 6.64%, decreasing from 6.73 the previous week, with points remaining at 1.29, including the origination fee for 80% loan-to-value ratio loans. The survey, which has been conducted since 1990, covers about 40% of all US retail residential mortgage originations.

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