WASHINGTON, DC-On an unadjusted basis, the market composite of mortgage loan applications dropped 28.6%, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America. On a seasonally adjusted basis, the measure of loan purchases and refinances for the week ending July 6 decreased 11.1%. This was a drop from 486.3 to 432.4.

While the application index was actually up 40.2% from the same week in 2000, it is a rather significant decrease in one week. Refinancing still represents a significant portion of the overall applications at 39%, but is down from 44.1% of the week before. The seasonally adjusted Refinance Index fell from 1521.6 to 1200.

The seasonally adjusted Purchase Index decreased slightly as well from 308.3 to 300.4. The seasonally adjusted Conventional Index decreased to 553.8 from 628.7 and the Government Index decreased from 248.5 to 229.6.

ARM activity increased to 11.2% from 10.5% and the average contract interest rate for 30-year fixed-rate mortgages was 7.17%, decreasing from 7.27%. Points increased to 1.39 from 1.23, including the origination fee, for 80% loan-to-value ratio loans. The average contract rate for one-year ARMs decreased to 5.68% from 5.81%. Points remained the same at 1.11, including the origination fee, for 80% LTV loans.

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