According to the Mortgage Bankers Association’s (MBA) Market Composite Index (MCI), mortgage loan application volume fell 3.6 percent on a seasonally-adjusted basis for the week ending July 11, 2014 compared to the previous week. On an unadjusted basis the MCI rose 20 percent from the previous week, as the worldpropertychannel.com informs MHProNews.com. While the Refinance Index fell 0.1 percent from the previous week, the seasonally adjusted Purchase Index dropped 8 percent from one week earlier to the lowest level since February 2014. Meanwhile, the unadjusted Purchase Index rose 16 percent compared with the previous week and was 17 percent lower than the same week one year ago. The refinance share of mortgage activity for all applications rose from 52 percent to 54 percent from the previous week. The average for a 30-year fixed rate mortgage ($417,000 or less), the most popular mortgage, rose to 4.33 percent from 4.32 percent the previous week. ##
