Mortgage Application Volume Falls on Rates

Washington, DC, Sept. 11, 2013 -- Mortgage application volume last week fell 13.5% from the prior week as interest rates increased, the Mortgage Bankers Association said.

MBA reported the market composite index declined 23%. The refinance index fell 28%, while the purchase index fell 2.7%.

The share of applications filled to refinance existing mortgages fell to 57% from 61% a week earlier.

The average rate on a 30-year fixed-rate mortgage rose to 4.8% from the prior week's 4.73%.