The Mortgage Bankers Association reported both purchase and refinance applications receding last week, continuing a slide after an end-of-summer surge. The MBA's Market Composite Index of mortgage activity fell 5.1% on a seasonally adjusted basis for the week ending Oct. 4, compared to the seven days prior.

The effective contract interest rate for all loan types tracked by the MBA rose on a weekly basis, led by the 30-year fixed rate mortgage jumping to 6.36% from 6.14%. The highest mortgage rates since August are the results of stronger economic data, including a September jobs report that came in above expectations. 

"Conventional loan refinances, which tend to have larger balances than government loans and hence are more responsive for a given change in mortgage rates, fell to a greater extent over the week," said Mike Fratantoni, the MBA's senior vice president and chief economist, in a press release. 

Among all loan types, conventional loan refi applications fell the most week-over-week, down 14%. The MBA's overall Refinance Index fell 9% during the same period, but remains 159% above where it was the same time a year ago. That assessment aligns directionally with a recent Optimal Blue report showing rate-and-term refi locks up 600% annually in September. 

The Purchase Index was flat, down 0.1% on a seasonally adjusted basis compared to the week ending Sept. 27. The unadjusted Purchase index inched up 0.1% weekly, and sits 8% higher than it was the previous seven days.