Although the week ended September 7 was shortened by the Labor Day holiday, mortgage application volume managed an increase. It was the first week-over-week gain since Early August. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, rose 2.0 percent on a seasonally adjusted basis from one week earlier although it fell 9 percent before adjustment. As interest rates continue to fall the pace of refinancing has become less frenetic, but that MBA index was still up 0.4 percent from the previous week and was 169 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 60.0 percent of total applications from 60.4 percent the previous week.