Mortgage Application Volume Declines

Washington, DC, June 4, 2014 -- Mortgage application volume fell last week as both refinancing and purchase applications decreased, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity fell 3.1% in the week ending May 30.

The MBA's index of refinancing applications fell 2.9%, while the measure of loan requests for home purchases, a leading indicator of home sales, dropped 3.6%.

Fixed 30-year mortgage rates averaged 4.26% in the week, down from 4.31% the week before.