Mortgage Application Volume Drops

Washington, DC, Dec. 17, 2014 -- Mortgage application volume fell last week and interest rates declined to their lowest level since May 2013, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity fell 3.3% in the week ended Dec. 12.

The seasonally adjusted index of refinancing applications was unchanged, while loan requests for home purchases fell 6.9%.

Fixed 30-year mortgage rates averaged 4.06%, the lowest since May 2013.

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