Mortgage Loan Applications Decline 6.7 Percent

The Market Composite Index, a measure of mortgage loan application volume, was 529.6 for the week ending June 23, down 6.7 percent on a seasonally adjusted basis from 567.6 one week earlier, The Mortgage Bankers Association reported today.

On an unadjusted basis, the index decreased 7 percent for the week ending June 23 compared with the previous week and was down 31 percent compared with the same week one year earlier.

The refinance share of mortgage activity declined to 35.3 percent of total applications for the week ending June 23 from 35.5 percent the previous week.

The adjustable-rate mortgage (ARM) share of activity decreased to 29.1 percent of total applications from 29.6 percent the previous week.

**Taken from The California Association of Realtors Bulletin, dated June 29, 2006.