Mortgage application filings fell 13.5% from a week earlier during the survey period ending Sept. 6, the Mortgage Bankers Association reported Wednesday.
Mirroring this downward trend, the MBA refinance index also dropped 20% from the previous week, reaching its lowest level since June 2009.
Overall, the refinance share of mortgage activity dropped to 57% of all mortgage applications, down from 61% a week earlier. The refinance index alone has fallen 71% from its recent peak in early May, and is now at its lowest level since June 2009.
The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit increased to 4.80% from 4.73%.
Furthermore, the 30-year, FRM jumbo grew to 4.84% from 4.71%.
The average 30-year, FRM backed by the FHA rose to 4.56% from 4.48% a week ago.
Additionally, the 15-year, FRM increased to 3.83% from 3.75%, and the 5/1 ARM rose to 3.59% from 3.49% last week.