Washington, DC, April 30, 2014 -- Mortgage application volume fell 5.9% last week, according to the Mortgage Bankers Association.
"Both the purchase and refinance application activity fell last week, and the market composite index is at its lowest level since December 2000," said Mike Fratantoni, MBA's chief economist.
Purchase applications fell 4% over the week, and declined 21% from last year. The Refinance Index fell 7% from the previous week.
Refinancing made up 50% of total applications from 51% the prior week.
The average rate for a 30-year, fixed-rate mortgagefell to 4.37% from 4.41% the previous week.