Econintersect: Adjusted for Labor Day, the Mortage Bankers Association reported mortgage applications Purchase Index increased 7.0% from one week earlier for the week ending 09September2011. The unadjusted Purchase Index decreased 16.2 percent compared with the previous week and was 7.2 percent lower than the same week one year ago.
New mortgage applications are depressed and running at levels not seen since 1997.
The refinance share of mortgage activity decreased 15.2% from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.17% from 4.23% and the levels remain historically low.
Hat tip for below graphic to Calculated Risk.
source: MBA, Calculated Risk
