Applications, Refis Decline

Mortgage applications dipped 0.6% for the week ended July 31, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index rose 1.8%, the Refinancing Index fell 3.1%, the Conventional Index decreased 1.5%, and the Government Index was up 3.5%, the survey indicated. On a seasonally adjusted basis, the Market Index fell slightly from 409.0 the previous week to 407.0; the Purchase Index increased from 252.4 to 257.2; the Refinancing Index declined from 1320.2 to 1278.8; the Conventional Index was down from 519.7 to 512.1; and the Government Index rose from 224.4 to 231.6. Refinancings represented 44.1% of total applications, down from 45.3% the previous week, while adjustable-rate mortgages accounted for 8.4%, up from 8.1% the week before. Overall, applications were up 43.3% compared with those for the same week last year. The address of the MBA's website is http://www.mbaa.org.