Apps, Refis Rise on Adjusted Basis

Mortgage applications fell 14.6% for the holiday-shortened week ended May 29, but both the Purchase Index and the Refinancing Index were up on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index dropped 17.2%, the Refinancing Index fell 10.4%, the Conventional Index was down 15.4%, and the Government Index declined 11.5%, the survey indicated. On a seasonally adjusted basis, the Market Index rose from 365.6 the previous week to 393.9; the Purchase Index increased from 248.1 to 259.8; the Refinancing Index jumped from 1049.0 to 1174.3; the Conventional Index climbed from 463.3 to 494.8; and the Government Index rose from 202.5 to 225.6. Refinancings represented 41.4% of total applications, up from 39.5% the previous week, while adjustable-rate mortgages accounted for 8.0%, down from 9.6% the week before. Overall, applications were up 90.5% compared with those for the same week last year.