Seasonally Adjusted Applications Fall

Mortgage applications rose 13.3% for the week ended July 10, but seasonally adjusted indexes fell, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index rose 15.2%, the Refinancing Index climbed 11.0%, the Conventional Index increased 11.6%, and the Government Index jumped 20.4%, the survey indicated. On a seasonally adjusted basis, the Market Index fell from 460.1 the previous week to 415.5; the Purchase Index decreased from 286.4 to 262.5; the Refinancing Index dropped from 1470.6 to 1305.5; the Conventional Index was down from 594.9 to 529.3; and the Government Index slipped from 235.2 to 225.7. Refinancings represented 44.3% of total applications, down from 45.2% the previous week, while adjustable-rate mortgages accounted for 8.3%, up from 8.1% the week before. Overall, applications were up 61.1% compared with those for the same week last year. The address of the MBA's website is http://www.mbaa.org.