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MBA: Mortgage applications up 7.2%

Mortgageapplications were up 7.2% week over week on a seasonally adjusted basis for theweek ended July 8, the Mortgage Bankers Association reported.

Themarket composite index, which measures mortgage application volume, dropped 14%on an unadjusted basis compared to the previous week.

Theassociation said the week's results included an adjustment for the July 4holiday.

Theseasonally adjusted purchase index remained unchanged compared to the previousweek. On an unadjusted basis, the purchase index dropped 20% week over week,and was 5% below year-ago levels for the same week.

Therefinance index jumped 11% compared to the previous week.

Therefinance share of mortgage activity increased to 64% of the total applicationvolume from 61.6% in the previous week. Adjustable-rate mortgage activitycomprised 5.2% of total applications, reflecting a decrease from the previousweek.