Apps Inch Higher, but Refis Up 7.9%

Mortgage applications crept up 0.3% for the week ended June 12, but the Refinancing Index rose nearly 8% on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index declined 4.7%, the Refinancing Index climbed 7.9%, the Conventional Index inched up 1.1%, and the Government Index fell 3.0%, the survey indicated. On a seasonally adjusted basis, the Market Index rose from 396.6 the previous week to 401.1; the Purchase Index decreased from 272.1 to 262.1; the Refinancing Index rose from 1120.7 to 1209.6; the Conventional Index climbed from 508.3 to 517.6; and the Government Index declined from 210.0 to 206.8. Refinancings represented 42.4% of total applications, up from 39.4% the previous week, while adjustable-rate mortgages accounted for 10.2%, up from 9.3% the week before. Overall, applications were up 68.9% compared with those for the same week last year. The address of the MBA's website is www.mbaa.org.