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MBA: Mortgage applications down 1.3%

Mortgageapplications were down 1.3% week over week on a seasonally adjusted basis forthe week ended July 15, the Mortgage Bankers Association reported.

Themarket composite index, which measures mortgage application volume, was up 24%on an unadjusted basis compared to the previous week.

Theseasonally adjusted purchase index declined 2% from the previous week. On anunadjusted basis, the purchase index increased 23% from the week-ago period andwas up 16% from the year-ago level for the same week.

Therefinance index dipped 1% from the previous week.

Therefinance share of mortgage activity increased to 64.2% of the totalapplication volume from 64% in the previous week. The adjustable-rate mortgageactivity comprised 5.1% of total applications, reflecting a slight decreasefrom the previous week.