Mortgage Application Volume Declines

Washington, DC, Nov. 16, 2011 -- Mortgage application volume fell 10% last week from the prior week, the Mortgage Bankers Association said.

Refinancing activity dropped 12%, while purchase applications declined by a seasonally adjusted 2.3% during the week ended Nov. 11.

Interest rates, though barely changed over the past week, remain at historically low levels.

The share of applications filed to refinance an existing mortgage decreased to 77.3% of total applications from 78.6% the previous week.

The average rate on 30-year fixed-rate mortgages with conforming loan balances rose to 4.23% from 4.22%.