Mortgage Applications UP!
The Mortgage Bankers Association (MBA) reports that for the week ending July 7, "The Market Composite Index, a measure of mortgage loan application volume, was 566.8, an increase of 1.0 percent on a seasonally adjusted basis from 561.0 one week earlier. On an unadjusted basis, the Index decreased 29.1 percent compared with the previous week and was down 36.3 percent compared with the same week one year earlier."
Of the mortgage activity, refinances and adjustable rate mortgage activity were down slightly.
To read more: July 12, 2006 Mortgage Survey