Mortgage Application Volume Declines

Washington, DC, Dec. 1, 2010 -- Mortgage application volume fell last week as interest rates rose to the highest level since mid-August, driving down applications for refinancing, according to the Mortgage Bankers Association.

The MBA said its seasonally adjusted index of mortgage application activity declined 16.5% to 608.8 in the week ended Nov. 26.

Refinancing applications fell 21.6% on the seasonally adjusted index, the lowest reading since early June.

Requests for home purchases gained 1.1%.

Fixed 30-year mortgage rates averaged 4.56% in the week, up from 4.50% in the previous week and the highest since the week ending Aug. 13.