Unadjusted Apps Fall, but Refi Index Jumps

Mortgage applications fell 3.5% for the week ended July 3, but they were up on a seasonally adjusted basis as the Refinancing Index gained nearly 270 points, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index fell 4.7%, the Refinancing Index declined 2.1%, the Conventional Index decreased 2.5%, and the Government Index fell 7.6%, the survey indicated. On a seasonally adjusted basis, the Market Index rose from 382.2 the previous week to 460.1; the Purchase Index increased from 241.3 to 286.4; the Refinancing Index jumped from 1202.0 to 1470.6; the Conventional Index was up from 489.0 to 594.9; and the Government Index rose from 204.1 to 235.2. Refinancings represented 45.2% of total applications, up from 44.6% the previous week, while adjustable-rate mortgages accounted for 8.1%, down from 8.8% the week before. Overall, applications were up 84.3% compared with those for the same week last year. The address of the MBA's website is http://www.mbaa.org.