Applications Rise Slightly

Mortgage applications crept up 0.6% for the week ended July 24, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index fell 0.7%, the Refinancing Index rose 2.2%, the Conventional Index increased 1.8%, and the Government Index declined 3.6%, the survey indicated. On a seasonally adjusted basis, the Market Index rose slightly from 407.2 the previous week to 409.0; the Purchase Index decreased from 255.0 to 252.4; the Refinancing Index climbed from 1292.2 to 1320.2; the Conventional Index was up from 511.8 to 519.7; and the Government Index fell from 232.7 to 224.4. Refinancings represented 45.3% of total applications, up from 44.6% the previous week, while adjustable-rate mortgages accounted for 8.1%, down from 8.2% the week before. Overall, applications were up 53.7% compared with those for the same week last year. The address of the MBA's website is http://www.mbaa.org.