Mortgage Application Volume Declines Sharply

Washington, DC, Jan. 7, 2015 -- Mortgage application volume fell 9.1% last week from two weeks ago, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

The Refinance Index decreased 12% from two weeks ago, while the seasonally adjusted Purchase Index decreased 5% from two weeks earlier.

The Purchase Index was 8% lower than the same week last year.

The refinance share of mortgage activity increased to 65% of total applications from 63% the previous week.

The average rate for 30-year fixed-rate mortgages decreased to 4.01% from 4.04%