Mortgage Application Volume Down

Washington, DC, Oct. 23, 2013 -- Mortgage application volume dropped slightly last week as decreased refinancing activity offset a slight rise in demand for purchase loans, according to the Mortgage Bankers Association.

MBA said index of mortgage application activity fell 0.6%.

The refinancing index fell 1.3% while the purchasing index rose 0.7%.

Rates for 30-year mortgages rates edged down 7 basis points to 4.39%.

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