Mortgage Application Volume Declines

Washington, DC, Aug. 24, 2011 -- Mortgage application volume in the U.S. last week fell a seasonally adjusted 2.4% from the previous week, the Mortgage Bankers Association said.

Purchase applications fell 5.7%, while refinance applications were down 1.7%. Refinancing accounted for 79.8% of total applications, up one percentage point from the previous week.

Rates on 30-year fixed-rate mortgages averaged 4.39%, up slightly from 4.32% the previous week.