"The Mortgage Bankers Association reported a significant increase in home loan applications, reaching the highest level in over three years for the week ending Sept. 5, with a surge attributed to a drop in mortgage interest rates. The Market Composite Index showed a 9.2% rise in mortgage loan application volume, with notable increases in both refinance and purchase applications. Various types of mortgage applications saw changes in market share, with refinancing activity notably on the rise. Mortgage rates for different types of loans also experienced decreases, contributing to heightened borrower demand."
"Home loan applications surged 9.2% to a three-year high, driven by a decrease in mortgage rates to an 11-month low. Refinance and purchase applications both increased, with refinancing activity showing a notable rise. Market share for different types of mortgage applications shifted, with refinancing share increasing and FHA share decreasing. Average contract interest rates for various types of mortgages decreased, with effective rates also showing declines."
Home loan applications rose to the highest level in over three years for the week ending Sept. 5. The Market Composite Index increased 9.2% as mortgage interest rates eased, prompting stronger borrower demand. Both refinance and purchase application volumes climbed, with refinancing activity expanding notably and FHA share declining. Average contract interest rates and effective rates for various mortgage products fell, supporting increased refinancing activity. The decline in rates contributed to broader shifts in market share across loan types and helped drive the overall uptick in mortgage application volume.
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