Applications Fall 13.4%

Mortgage applications fell 13.4% for the week ended June 26 as the Refinancing Index lost the 200 points it had gained the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index fell 12.5%, the Refinancing Index dropped 14.5%, the Conventional Index declined 12.4%, and the Government Index decreased 17.1%, the survey indicated. On a seasonally adjusted basis, the Market Index fell from 440.6 the previous week to 382.2; the Purchase Index declined from 274.6 to 241.3; the Refinancing Index nosedived from 1406.2 to 1202.0; the Conventional Index tumbled from 557.3 to 489.0; and the Government Index fell from 245.9 to 204.1. Refinancings represented 44.6% of total applications, down from 45.2% the previous week, while adjustable-rate mortgages accounted for 8.8%, down from 10.1% the week before. Overall, applications were up 57.6% compared with those for the same week last year. The address of the MBA's website is http://www.mbaa.org.