Mortgage Application Volume Declines

Washington, DC, July 11, 2012 -- Mortgage application volume last week fell 22%, the Mortgage Bankers Association said.

The refinance index declined 23% from the previous week, while the purchasing index rose 3.3%.

The share of applications filed to refinance a mortgage was 77%.

The average rate on 30-year fixed-rate mortgages fell to 3.79% from 3.86%.