Mortgage Application Volume Up Slightly During Holiday Week

Mortgage Application Volume Up Slightly During Holiday Week

The Mortgage Bankers Association (MBA) reports a slight increase in the volume of mortgage applications during the week ended July 7. MBA’s seasonally adjusted Market Composite Index increased 0.9 percent on a seasonally adjusted basis from one week earlier , although it took an additional adjustment accounting for the Independence Day holiday to push it into positive territory. On an unadjusted basis, the Index dropped 19 percent compared with the previous week. The Refinance Index decreased 1.0 percent from the previous week and was 39 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 26.8 percent of total applications from 27.4 percent. [refiappschart] The seasonally adjusted Purchase Index increased 2.0 percent from one wee