U.S. Mortgage Applications Growth Slows

(RTTNews) - U.S. mortgage applications grew at a modest pace in the week ended September 19 following a surge in the previous week, survey data from the Mortgage Bankers Association showed on Wednesday.

The market composite index, which measures the mortgage loan application volume, rose a seasonally 0.6 percent from the previous week, when it jumped 29.7 percent.

The refinance index climbed 1 percent and the purchase index increased 0.3 percent, the MBA survey showed.

The refinance share of mortgage activity rose to 60.2 percent of total applications from 59.8 percent the previous week.

The 30-year fixed mortgage rate fell to 6.34 percent, which was the lowest level since September 2024.

"Interest rates generally have moved up following the FOMC meeting last week but remain in a range that should continue to lead to increased refinance activity," MBA SVP and Chief Economist Mike Fratantoni said.

"The refinance boost last week was from government applications, with VA refinance volume up almost 15 percent. While homebuyer demand typically tends to decrease during the fall, purchase application activity remains relatively strong right now, running 18 percent ahead of last year's pace," Fratantoni added.