Mortgage Application Volume Declines

Washington, DC, June 22, 2011 -- Home mortgage application volume declined last week after a sharp bounce the week before, as refinance demand dropped and interest rates rose, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity decreased 5.9% in the week ended June 17.

The MBA's seasonally adjusted index of refinancing applications dropped 7.2%, while the gauge of loan requests for home purchases slipped 2.8%.

The refinance share of mortgage activity fell to 69.2% of total applications from 70.0% the week before.

Fixed 30-year mortgage rates averaged 4.57% in the week, up from 4.51% the week before.