Mortgage Application Volume at Two Year Low

Washington, DC, Jan. 26, 2011 -- Mortgage applications in the U.S. fell last week to the lowest level since November 2008, according to the Mortgage Bankers Association.

Applications decreased 13% in the week ended Jan. 21. Both refinancing and purchase applications fell.

Refinancing dropped 15% to the lowest in a year, while purchase applications fell 8.7% to the lowest level since October.

The average rate on a 30-year fixed loan rose to 4.80% last week from 4.77% the prior week.

The average rate on a 15-year fixed mortgage declined to 4.12% from 4.16%.

The share of applicants seeking to refinance a loan fell to 70.3% last week from 73% the prior week.