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MBA: Mortgage applications increase 2.9%

Mortgage applications increased 2.9% from a week ago on aseasonally adjusted basis for the week ended Sept. 30, the Mortgage BankersAssociation reported.

The market composite index, which measures mortgage applicationvolume, increased 3% on an unadjusted basis compared to the previous week.

The seasonally adjusted purchase index slipped 0.1% from oneweek earlier. The unadjusted purchase index was down 0.2% compared to theprevious week, and was 14% below year-ago levels for the same week.

The refinance index climbed 5% from the previous week.

The refinance share of mortgage activity increased to 63.8%of total application volume from 62.7% in the previous week. Adjustable-ratemortgage activity comprised 4.5% of total applications, reflecting an increasefrom the previous week.