Applications Off Slightly

Mortgage applications fell 1.7% for the week ended July 17, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index fell 2.3%, the Refinancing Index slipped 1.0%, the Conventional Index decreased 3.0%, while the Government Index rose 3.4%, the survey indicated. On a seasonally adjusted basis, the Market Index fell from 415.5 the previous week to 407.2; the Purchase Index decreased from 262.5 to 255.0; the Refinancing Index dipped from 1305.5 to 1292.2; the Conventional Index was down from 529.3 to 511.8; and the Government Index rose from 225.7 to 232.7. Refinancings represented 44.6% of total applications, up from 44.3% the previous week, while adjustable-rate mortgages accounted for 8.2%, down from 8.3% the week before. Overall, applications were up 56.2% compared with those for the same week last year. The address of the MBA's website is http://www.mbaa.org.