The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending September 11, 2009, including an adjustment for the Labor Day holiday. The Market Composite Index, a measure of mortgage loan application volume, decreased 8.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 18.3% compared with the previous week and decreased 18.7% compared with the same week one year earlier. The Refinance Index, also adjusted for the holiday, decreased 7.4% from the previous week and the seasonally adjusted Purchase Index decreased 10.3% to from one week earlier.

The survey also measured interest rates: The average contract interest rate for 30-year fixed-rate mortgages increased to 5.08% from 5.02%, with points decreasing to 0.98 from 1.23 (including the origination fee) for 80% loan-to-value (LTV) ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.41% from 4.45%, with points decreasing to 1.12 from 1.13 (including the origination fee) for 80% LTV loans. The average contract interest rate for one-year ARMs decreased to 6.61% from 6.69%, with points increasing to 0.20 from 0.19 (including the origination fee) for 80% LTV loans.