In the week ending Sept. 11, home mortgage applications decreased 7 percent from the previous according to the results of a survey conducted by the Mortgage Bankers Association (MBA). The results were adjusted to account for the Labor Day holiday. Without the adjustment, applications were down 17 percent.

Refinance applications were down 9 percent and purchases were up 4 percent from the previous week.

The survey showed Federal Housing Administration-administered loan applications increased to 14.2 percent from 13.4 percent the week prior. The Veterans Administration share of total applications decreased slightly to 10.7 percent from 10.8 percent the week prior. The U.S. Department of Agriculture share of total applications remained unchanged from 0.8 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.09 percent from 4.10 percent, with points increasing to 0.42 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans, according to the survey. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased slightly to 4.04 percent from 4.03 percent, with points decreasing to 0.26 from 0.28 (including the origination fee) for 80 percent LTV loans, the survey showed. The effective rate remained unchanged from last week.