Applications Slip

Mortgage applications declined 0.5% for the week ended Aug. 7, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index fell 1.7%, the Refinancing Index rose 1.0%, the Conventional Index increased 0.8%, and the Government Index was down 5.0%, the survey indicated. On a seasonally adjusted basis, the Market Index fell slightly from 407.0 the previous week to 406.8; the Purchase Index decreased from 257.2 to 254.7; the Refinancing Index rose from 1278.8 to 1291.9; the Conventional Index was up from 512.1 to 518.2; and the Government Index fell from 231.6 to 221.2. Refinancings represented 44.8% of total applications, up from 44.1% the previous week, while adjustable-rate mortgages accounted for 7.9%, down from 8.4% the week before. Overall, applications were up 37.4% compared with those for the same week last year. The address of the MBA's website is http://www.mbaa.org.