It’s a different kind of indicator than our usual doom and gloom about the housing market, but the message is essentially the same: not good news.

The Mortgage Bankers Association has released its Weekly Mortgage Applications Survey for the week ending June 26, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 444.8, a decrease of 18.9 percent from 548.2 one week earlier.

Another indicator, the Refinance Index, decreased 30 percent to 1482.2 from 2116.3 the previous week and the seasonally adjusted Purchase Index decreased 4.5 percent to 267.7 from 280.3 one week earlier. The Refinance Index is at its lowest level since November 2008.
The refinance share of mortgage activity decreased to 46.4 percent of total applications from 54 percent the previous week.

The survey covers over 50 percent of U.S. retail residential mortgage applications, and has been conducted weekly since 1990.

Base period and value for all indexes is March 16, 1990=100.

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