Mortgage Loan Applications Rise

The Market Composite Index, a measure of mortgage loan application volume, was 566.8 for the week ending July 7, up 1 percent on a seasonally adjusted basis from 561 one week earlier, The Mortgage Bankers Association reported today.

On an unadjusted basis, the index decreased 29.1 percent for the week ending July 7 compared with the previous week and was down 36.3 percent compared with the same week one year earlier.

The refinance share of mortgage activity declined to 34 percent of total applications for the week ending July 7 from 35 percent the previous week.

The adjustable-rate mortgage (ARM) share of activity decreased to 28.7 percent of total applications from 29.5 percent the previous week.

**Taken from the California Association of Realtors Bulletin, dated July 12, 2006.