The MBA's weekly survey has found a slight increase in mortgage application rates, as well as most average contract interest rates.

The Mortgage Bankers Association’s Weekly Mortgage Applications survey recorded a 4.2% increase in the Market Composite Index on a seasonally adjusted basis for the week ending September 9, 2016. (This week’s results include an additional adjustment for the Labor Day holiday.) Unadjusted, the Index decreased by 17% over the past week.

The Refinance index has increased by 2%, and the seasonally-adjusted Purchase Index has increased by 9%. Unadjusted, the Purchase index has dropped by 15% since the previous week, and 8% since this same week one year ago.

The refinance share of mortgage activity has decreased to 62.9%, down from 64.0% of all mortgage applications the previous week, and the adjustable-rate mortgage share has increased to 4.6%. The FHA share of total applications increased to 9.6% from 9.5% the previous week, the VA share increased to 12.0% from 11.9%, and the USDA share increased to 0.7% from 0.6%.

The average contract interest rate 30-year fixed-rate mortgages decreased to 3.67% from 3.68% for loans with conforming balances ($417,000 or less), and decreased to 3.64% from 3.66% for loans with jumbo balances ($417,000 or more), or nearly a reversal of last week’s increases. 30-year fixed mortgage loans backed by the FHA saw another decrease in average contact interest rates, which dropped to 3.50% from 3.52%.

For 30-year fixed-rate mortgages that are also 80 percent loan-to-value loans, points for loans with conforming balances decreased to 0.36 from 0.37, points for loans with jumbo balances increased to 0.36 from 0.30, and points for loans backed by the FHA decreased to 0.27 from 0.35. (All 80 percent LTV loan point reports include the origination fee.)

The average contract interest rate for 15-year fixed rate mortgages increased to 2.97% from last week’s unchanged 2.96% rate, and points remain unchanged at 0.34 for 80 percent LTV loans. The average contract interest rate for 5/1 ARMs is unchanged at 2.87%, with points increasing to 0.37 from 0.30 for 80 percent LTV loans.