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US home mortgage applications last week rose slightly, according to the latest Weekly Mortgage Applications Survey released Wednesday by the US Mortgage Bankers Association (MBA).

The MBA said the Market Composite Index of U.S. mortgage applications, a measure of mortgage loan application volume, rose 0.6% in the week ending September 16th on a seasonally adjusted basis from the previous week.

The Refinance Index rose 2.2% from the previous week, while the seasonally adjusted Purchase Index fell 4.7%.

Meanwhile, the 4-week moving average for the seasonally adjusted Market Index was down 3.15%. The 4-week moving average fell 3.91% for the seasonally adjusted Refinance Index and decreased 0.54% for the Purchase Index, according to the survey.

In addition, the association said the average contract interest rate for 30-yr fixed-rate mortgages last week decreased to 4.07 from 4.08%, and the average contract interest rate for 15-yr fixed-rate mortgages fell to 3.46 from 3.52%.

The latest data are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

The survey has been conducted weekly since Y 1990, collecting responses from mortgage bankers, commercial banks and thrifts.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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