Applications Off Slightly

Mortgage applications declined 0.9% for the week ended Aug. 14, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index fell 2.7%, the Refinancing Index rose 1.4%, the Conventional Index increased 1.0%, and the Government Index was down 8.1%, the survey indicated. On a seasonally adjusted basis, the Market Index drifted down from 406.8 the previous week to 406.7; the Purchase Index decreased from 254.7 to 251.4; the Refinancing Index rose from 1291.9 to 1310.5; the Conventional Index was up from 518.2 to 527.4; and the Government Index fell from 221.2 to 205.4. Refinancings represented 45.8% of total applications, up from 44.8% the previous week, while adjustable-rate mortgages accounted for 9.3%, up from 7.9% the week before. Overall, applications were up 51.8% compared with those for the same week last year. The address of the MBA's website is http://www.mbaa.org.