After factoring in the Labor Day holiday, the volume of new home loan applications jumped last week. Refinance share, meanwhile, widened to the highest level in eight months.
A measure of retail residential loan application volume, the Market Composite Index, climbed a seasonally adjusted 10 percent during the seven days that ended on Sept. 8.
Mortgage application volume tumbled 13 percent, however, compared to the preceding week when seasonal factors are excluded from the index calculation.
Source: Mortgage Daily