Mortgage Application Volume Falls as Rates Rise
Washington, DC, March 14, 2013 -- Mortgage application volume last week fell 4.3% as interest rates increased, the Mortgage Bankers Association said.
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The refinance index fell 5.2% for the week ended March 8, while the purchasing index was down 2.5%, MBA said.
Refinancing accounted for 76% of all applications.
The average rate on 30-year fixed-rate mortgage rose to 3.81% from 3.7% in the prior week.