July 9, 2008
Holiday Helps Mortgage Bankers Index
By Matthew L. Brown
Home loan application volume during the week ended July 4 was up 7.5 percent compared to the previous week, according to the Mortgage Bankers Association.
But the association said its Market Composite Index may have Independence Day to thank for the healthy increase. The index hit 513.4 last week as a result of an adjustment the MBA made for the holiday. Unadjusted, the index decreased by 14.1 percent compared to the previous week, when it topped out at 477.7
Without the holiday adjustment, the index was down 18.1 percent compared to the same week a year ago.
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