Mortgage Application Volume Declines

Washington, DC, June 29, 2011 -- Home mortgage application volume fell last week even as mortgage rates dropped, according to the Mortgage Bankers Association.

MBA said volume fell 2.7% in the week ended June 24.

The MBA's seasonally adjusted index of refinancing applications fell 2.6%, while the gauge of loan requests for home purchases lost 3.0%.

The refinance share of mortgage activity increased to 69.5% of total applications from 69.2% the week before.

Fixed 30-year mortgage rates averaged 4.46% in the week, down from 4.57%.