MNI DATA IMPACT:US MBA Mkt Composite -2.4%,Refi -7% July 5 Wk

     WASHINGTON (MNI) - The Mortgage Bankers Association Wednesday reported a

slight decrease in mortgage activity in the July 5 week, with activity down 2.4%

despite a further decline in mortgage rates.

     Here are some of the key features of the report:

     - The Refinance Index fell by 7%, while the Purchase Index rose by 2% in

the current week. MBA said it made adjustment to account for the July 4th

holiday.

     - The 30-year average rate for a 30-year fixed mortgage fell further to

4.04% in the current week from 4.07% in the previous week. 

     - MBA said that the borrowers are becoming less sensitive to lower rates as

many have already completed refis or new purchases in recent months.

     - The unadjusted purchasing index was up 6% from a year earlier. 

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

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