Mortgage Application Volume Declines

Washington, DC, March 14, 2012 -- Mortgage application volume in the U.S. last week fell 2.4% from the prior week, the Mortgage Bankers Association said.

Refinance activity decreased 4.1%, while purchasing increased by a seasonally adjusted 4.4%.

Purchase applications are now almost 12% above last month.

The share of total applications filed to refinance an existing mortgage was 75.1%, down from 77% the previous week.

The average rate on 30-year fixed-rate mortgage remained upchanged at 4.06.