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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 21 show the composite index increased 20% on a seasonally adjusted basis from the previous week to 640. On an unadjusted basis, the application index increased 19.9% and was up 97.6% compared with the same week a year earlier.

Refinancing activity represented 63.1% of total applications, increasing from 55.5% the previous week. Adjustable-rate-mortgage activity decreased to 10.9% from 11.2% the week prior. The average contract interest rate for 30-year, fixed-rate mortgages was 6.63, a slight dip from 6.64 the previous week, with points also dipping slightly to 1.27 from 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 U.S. retail residential mortgage originations.

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