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The number of Americans applying for a mortgage to purchase a home or to refinance their current mortgage grew in the past week, according to the Mortgage Bankers Association (MBA).

This morning the MBA reported in its Market Composite Index that the overall number of people applying for a mortgage increased 2.0 percent in the week ending Sept. 15 compared to that which ended Sept. 8.

A 3.0 percent dip in purchase applications was contrasted by a robust 9.5 percent growth in the refinance sector.

“The current interest rate environment has created an opportunity for people either looking for a home or refinancing their current mortgage. People in the purchase market have the advantage of long-term interest rates that are near historic lows, and the Fed is most likely holding short-term rates steady until it meets again in October,” says Quicken Loans Chief Economist Bob Walters. “Current homeowners with adjustable rate mortgages are moving to the security of a fixed-rate mortgage without seeing much difference between short- and long-term rates.”

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