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Mortgage Application Volume Ignores Holiday, Purchases Make Strong Showing

Despite the Independence Day holiday which both shortened and bisected the week, mortgage activity rallied significantly during the week ended July 6.  The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume, increased 2.5 percent on a seasonally adjusted basis compared to the week ended June 30.  The holiday did take a toll on the unadjusted numbers with the overall index dropping 18 percent. The week's results were driven by strong growth in the volume of purchase mortgage applications. That index was up 7 percent from the previous week on a seasonally adjusted basis although it declined 15 percent unadjusted. 

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