Washington, DC, July 31, 2013 -- Mortgage application volume continued to decline last week, dropping 3.7% compared to the week prior, according to the Mortgage Bankers Association.
The dip comes despite lower interest rates.
The average rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.64%, down 0.02 percentage points from 4.66% the week prior.
Refinance application volume continues to decline, with the refinance index now more than 55% lower than its recent peak.
Applications for home purchases dropped for the fourth time in five weeks.