Industry 4.1 percent boost in mortgage applications

By Kyle Chezum Updated on 9/25/2013

Industry 4.1 percent boost in mortgage applications

According to a leading trade group, it seems that Americans can't resist the possibility of lower interests rates. The number of applicants seeking to refinance has bumped up 4.1 percent, since last week.

Mike Fratantoni, MBA vice president of research and economics, said "Unprecedented volatility in the stock market last week amid additional signs that the economy has slowed led to further drops in mortgage rates, with the 15-year rate reaching a new low for the MBA survey. Purchase application activity fell sharply over the previous week, likely the result of potential homebuyers hesitant to purchase in this highly volatile and uncertain environment."

Concurrently, the seasonally adjusted purchase index dropped 9.1 percent as staggering economic data kept potential homebuyers at bay.

Home loan refinancing commanded the market last week, making up 78. 8 percent of all applications, a rise from 75.6 percent just a week earlier.