Loan Applications Decline

The Market Composite Index, a measure of mortgage loan application volume, was 529.6 for the week ending June 23, down 6.7% on a seasonally adjusted basis from 567.6 one week earlier, The Mortgage Bankers Association reported. On an unadjusted basis, the index decreased 7% for the week ending June 23% with the previous week and was down 31% compared with the same week one year earlier.The refinance share of mortgage activity declined to 35.3% of total applications for the week ending June 23 from 35.5% the previous week. The adjustable-rate mortgage share of activity decreased to 29.1% of total applications from 29.6% the previous week.



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