Mortgage Applications Tumble Last Week

Washington, DC, Nov. 6, 2013 -- Mortgage application volume fell 7% for the week ending Nov. 1, the Mortgage Bankers Association said.

The refinance index slid 8%, while the purchase index declined 5%. 

The refinance share of mortgage activity declined to 66% from 67% the previous week.

The interest rate for a 30-year, fixed-rate mortgage dropped to 4.32% from 4.33%.