WASHINGTON, Sept. 11 (Xinhua) -- Mortgage applications increased in the United States as mortgage rates remained low, according to a report from Mortgage Bankers Association (MBA) on Wednesday.
For the week ending Sept. 6, MBA's market composite index, a measure of mortgage loan application volume, increased 2 percent from a week earlier.
"Mortgages rates continued to decline over the holiday-shortened week, with the 30-year fixed rate decreasing five basis points and remaining near three-year lows," said Joel Kan, associate vice president of economic and industry forecasting of MBA.
Besides, the refinance index, which measures the activity to replace higher rate mortgages with lower rate mortgages, rose 0.4 percent from the previous week, the MBA said.
"Refinances were essentially unchanged, up just 0.4 percent, but August overall was the strongest month of activity so far in 2019," said Kan.
MBA's purchase index before seasonal adjustment decreased 8 percent from the previous week. After removing the influences of predictable seasonal patterns, the seasonally adjusted purchase index increased 5 percent from a week earlier, according to the MBA.
"Purchase applications rose around 5 percent, with increases for both conventional and government applications," Kan added.