Mortgage Application Volume Declines

Washington, DC, April 3, 2013 -- Mortgage application volume fell last week, as refinancing activity declined to offset higher demand for purchase loans, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity fell 4% in the week ended March 29. It was the lowest level since March 15.

Refinancing applications fell 5.6%, while purchase applications rose 1.4%.

Refinancing accounted for 74% of applications.

Fixed 30-year mortgage rates averaged 3.76%.