Mortgage Loan Applications Decline

The Market Composite Index, a measure of mortgage loan application volume, was 540.8 forthe week ending July 14, down 4.6 percent on a seasonally adjusted basis from 566.8 one week earlier, The Mortgage Bankers Association reported today.

On an unadjusted basis, the index increased 36.4 percent for the week ending July 14 compared with the previous week and was down 31.3 percent compared with the same week one year earlier.

The refinance share of mortgage activity increased to 35 percent of total applications for the week ending July 14 from 34 percent the previous week. The adjustable-rate mortgage (ARM) share of activity rose to 29 percent of total applications from 28.7 percent the previous week.

**Taken From the California Association of Realtors bulletin, dated July 20, 2006.