(RTTNews) - Industry data released on Wednesday showed that mortgage application volume slipped over 10 percent last week after reaching a 4-month high in the previous week.

The Mortgage Bankers Association revealed that its market index of mortgage application volume slipped 10.6 percent on a seasonally adjusted basis for the week ended September 19th. The Market Composite Index was 591.4 compared to 661.7 in the previous week. On an unadjusted basis the index slipped 11.1 percent from the previous week and was down a 9.3 percent on a year over year basis.

The Refinance Index slid 11.2 percent to 2043.4 from the previous week's 2300, and 51.6 percent of mortgage activity took place through refinancing last week, unchanged from previous week. The conventional and government purchase indices both declined, with the conventional purchase index slipping 10.4 percent and the government purchase index, largely made up of FHA loans, down 8.9 percent.

The adjustable-rate mortgage (ARM) share of activity remained flat at 4.0 percent.

Interest rates for mortgages increased across the board, with the 30-year fixed-rate mortgages climbing to 6.08 percent from 5.82 percent in the previous week, the 15-year fixed-rate mortgages ticking up to 5.84 percent from 5.54 percent, and one-year ARMs also rising above 7 percent to 7.01 percent from 6.95 percent in the previous week.

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(Source: iStockAnalyst )