Mortgage Application Volume Dips

Washington, DC, Aug. 22, 2012 -- Mortgage application volume last week  fell 7.4% as interest rates rose, the Mortgage Bankers Association said.

Refinance activity declined 9% from the previous week while purchase applications edged up 0.9%, MBA said.

Refinancing applications decreased to 80% of total application from 81% in the prior week.

The average rate on 30-year fixed-rate mortgages rose to 3.86% from 3.76% in the previous week.

                                 
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