Purchase Mortgage Applications Rise Last Week

Washington, DC, Aug. 29, 2012 -- Overall mortgage application volume in the U.S. last week declined 4.3% although purchase applications rose, the Mortgage Bankers Association said.

The refinance index fell 6% from the previous week to its lowest level since May 11, while the purchase index increased more than 1% from a week earlier, MBA said.

The share of applications filed to refinance fell to 79% of total applications from 80% in the previous week.

The average rate on 30-year fixed-rate mortgages fell to 3.8% from 3.86% in the previous week.