The Mortgage Bankers Association Market Composite Index increased 4.4% on a seasonally adjusted basis for the week ended July 31 when compared with the previous week.

The MCI is calculated from the MBA's Weekly Mortgage Applications Survey; starting with this week's release, the group no longer discloses specific application values. On an unadjusted basis, the index increased 4.1% when compared with the previous week and 18% when compared with the same week one year earlier.

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