Highlights
Mortgage bankers' data continue to be one of the few bright spots among housing indicators, rising 3.8 percent in the July 6 week to 453.9. The four-week average slipped slightly to 442.8. Mortgage applications are brisk despite tightened lending standards and less favorable lending rates. The average 30-year fixed mortgage rose 15 basis points in the week to 6.65 percent.

But higher rates are limiting refinancing applications with the index down 3.0 percent in the week to 1,636.9. Refinancings are making up only 36.2 percent of total applications, down from 37.8 percent in the prior week and the low 40 percent range when the 30-year rate was closer to 6.0 percent. The next indication on housing will be the NAHB housing market index on Tuesday.