According to the Mortgage Banker's Association, the total volume of mortgage applications submitted experienced a decline during the week ending July 8.

The MBA's Market Composite Index, which is seasonally adjusted, revealed a 5.1 percent decline for the most recent week, which accounts for the Fourth of July weekend. Unadjusted, the index is down 24 percent.

The Purchase and Refinance Indices also recorded lower figures as well. The Purchase Index' seasonally adjusted total was down 2.6 percent from the previous week, while the Refinance Index's similar data was down 6.2 percent. Unadjusted, the indices were down 21.9 percent and 42.1 percent, respectively.

The four-week averages for all indices recorded lower figures, as the Market Index was down 4.7 percent, the Purchase Index 1 percent and the Refinance Index 6.3 percent. All of these figures were also seasonally adjusted.

In Houston, as more jobs are created and the population continues to expand, mortgage activity could increase. Furthermore, if U.S. Senator Barbara Boxer is able to pass the Helping Responsible Homeowners Act, a significant number of owners of Houston properties could refinance their mortgages.

Courtesy of 2M Realty News