US MBA Mortgage Applications Fall 1.5% for Week of Sept 18

The improvement from a steeper prior-week decline suggests the pullback in mortgage demand is moderating rather than accelerating, though applications are still contracting. Because this index captures both purchase and refinance activity, the split between the two matters: purchase demand tracks underlying housing turnover, while refinancing is far more sensitive to rate moves. Whether the slower pace of decline holds in the next weekly print is the open question.