Mortgage Applications Down as Rates Rise

Washington, DC, May 29, 2013 -- Mortgage application volume last week fell 9% from the prior week as refinance applications fell for a third consecutive week, the Mortgage Bankers Association said.

The market composite index was down 8.8% on a seasonally adjusted basis for the week ended May 24 from the previous week, as the refinance index fell 12%, the largest single week drop in refinance applications this year.

The share of applications filed to refinance a mortgage fell to 71% from 74% a week earlier.

The average rate on 30-year fixed-rate mortgages increased to 3.9%, the highest rate since May 2012, from the prior week's 3.78%.

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