Mortgage Applications Decline Last Week

Washington, DC, Dec. 18, 2013 -- Mortgage application volume declined 5.5% last week to the lowest level in more than 12 years, according to the Mortgage Bankers Association.

Refinance applications fell 4% and purchase applications dropped 6%.

The average interest rate for 30-year fixed mortgages rose to 4.62% from 4.61%, the highest level since September.

The refinance share of total mortgage activity rose to 65.8% of applications from 65% the week before