Applications Fall

Mortgage applications declined 6.3% for the week ended Aug. 21, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index fell 5.3%, the Refinancing Index slid 7.5%, the Conventional Index decreased 8.7%, and the Government Index was up 3.9%, the survey indicated. On a seasonally adjusted basis, the Market Index fell from 406.7 the previous week to 385.2; the Purchase Index decreased from 251.4 to 243.1; the Refinancing Index dropped from 1310.5 to 1211.9; the Conventional Index was down from 527.4 to 486.4; and the Government Index rose from 205.4 to 216.4. Refinancings represented 45.2% of total applications, down from 45.8% the previous week, while adjustable-rate mortgages accounted for 8.7%, down from 9.3% the week before. Overall, applications were 42.1% higher than in the same week last year. The address of the MBA's website is http://www.mbaa.org.