Washington, DC, Feb. 27, 2013 -- Mortgage application volume declined for a third week in a row last week, even as mortgage rates eased slightly, according to the Mortgage Bankers Association.
MBA said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 3.8%.
Refinancing applications fell 3.3%, while the gauge of loan requests for home purchases dropped 5.2%.
The refinance share of total mortgage activity was unchanged at 77% of applications, holding at the lowest level since July 2012.
Fixed 30-year mortgage rates averaged 3.77%.