Mortgage Application Volume Declines

Washington, DC, March 7, 2012 -- Mortgage application volume last week fell 1.2% from the prior week, the Mortgage Bankers Association said.

Refinance activity fell 2%, while purchasing increased by a seasonally adjusted 2.1% during the week ended Friday.

Mortgage activity has fallen for four straight weeks.

The share of applications filed to refinance an existing mortgage decreased to 77% of total applications from 77.9% the previous week.

The average rate on 30-year fixed-rate mortgages edged down to 4.06% from 4.07%.