Mortgage applications improved for the first time in four weeks. As rates ascended to the highest level in seven years, more prospective borrowers opted for an adjustable-rate.

New applications for residential loans submitted to retail lenders during the week ended Sept. 14 rose from a week prior by a seasonally adjusted 1.6 percent.

Mortgage application activity is based on the Market Composite Index, which jumped 12 percent versus the seven days that included Labor Day when no adjustments are made.

Source: Mortgage Daily