Independence Day played the usual holiday havoc on mortgage applications data, but some trends were maintained. The Mortgage Bankers Association (MBA) said its seasonally adjusted Market Composite Index, a measure of application volume, declined 2.4 percent during the week ended July 25 (including an adjustment to account for the holiday) when compared to the previous week while it dropped 22 percent on an unadjusted basis. The Refinance Index, which had been flying high in recent weeks due to declining interest rates, lost 7.0 percent on a week-over-week basis, but MBA noted, for the first time in recent memory, the year-over-year change - an increase of 88 percent. The refinance share of mortgage activity decreased to 48.7 percent of total applications from 51.0 percent the previous week.


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