The week preceding the
Independence Day holiday saw a further decline in mortgage applications for
both home purchases and refinancing. The Mortgage Bankers Association (MBA)
said its Market Composite Index, a measure of mortgage loan application volume,
decreased 1.8 percent on a seasonally adjusted basis during the week ended July
2 and was down 2 percent on an unadjusted basis. The Refinance Index declined 2 percent from the previous week and was 8 percent lower than the same
week one year ago. The refinance share of mortgage activity decreased to 61.6
percent of total applications from 61.9 percent the previous week. The Purchase Index was 1
percent lower than the preceding week on both an adjusted and unadjusted basis.
The volume was 14 percent lower than the same week one year ago.