Mortgage Application Volume Falls Week of May 23

Washington, DC, May 28, 2014 -- Mortgage application volume the week ending May 23 dropped 1.2%, according to a Mortgage Bankers Association's weekly survey.

Purchase applications fell 2% unadjusted over the week and were 15% lower than a year ago.

The refinance share of mortgage activity was unchanged at 52%.

The average rate on 30-year, fixed-rate mortgages declined to 4.31% from 4.33% a week prior.

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