Mortgage Application Volume Declines

Washington, DC, Oct. 31, 2012 -- Mortgage application volume fell last week as demand for refinancing declined for the fourth week in a row, according to the Mortgage Bankers Association.

MBA said its index of mortgage application activity was down 4.8% in the week ended Oct 26.

The MBA's index of refinancing applications dropped 6%, while loan requests for home purchases edged up 0.5%.

The refinance share of total mortgage activity fell to 80% of applications from 81%.

Fixed 30-year mortgage rates averaged 3.65% in the week, up from 3.63% the week before.