NEW YORK (CNNMoney.com) -- Mortgage applications climbed last week, according to the latest report by the Mortgage Bankers Association published Tuesday.
Taking into account the Labor Day holiday, the industry group's seasonally adjusted index of mortgage applications climbed 5.5 percent to 657.4 in the week ended Sept. 7, from 622.9 one week earlier.
The four-week moving average, which smoothes out volatility in the weekly figures, fell by 0.8 percent.
Also adjusted for the national holiday, the MBA's refinancing index gained 6 percent to 1876.6 from 1770.2 the previous week, while the Purchase Index increased 5.2 percent to 448 from 425.8 one week earlier.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.25 percent, down from 6.42 the previous week.
Fixed 15-year mortgage rates fell to 5.9 percent from 6.10 percent in the previous week.
The MBA's survey covers about 50 percent of all U.S. retail residential mortgage loans. Respondents include mortgage bankers, commercial banks and thrifts. 
