Mortgage Application Volume Falls

Washington, DC, Oct. 24, 2012 -- Mortgage application volume fell sharply last week, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity fell by 12% in the week ended Oct. 19.

The purchase index fell 8.3% while the refinance index fell 12.9% from the previous week to reach its lowest level since late August.
 
Refinance applications made up 81% of total applications, down from 82% the prior week.

Fixed 30-year mortgage rates rose to an average of 3.63%, the highest in a month.


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