Mortgage Application Volume Declines

Washington, DC, Sept. 5, 2012 -- Mortgage application volume last week fell 2.5% despite lower interest rates, the Mortgage Bankers Association said.

The refinance index declined 3% from the previous week to its lowest level since May, while the purchasing index slipped 0.8% from a week earlier, MBA said.

The share of applications filed to refinance an existing mortgage was unchanged from the prior week at 79% of total applications.

The average rate on 30-year fixed-rate mortgages fell to 3.78% from 3.8% in the previous week.