Mortgage Application Volume Declines

Washington, DC, Feb. 1, 2012 -- Mortgage application volume declined last week even as interest rates also eased, according to the Mortgage Bankers Association.

MBA said its index of mortgage application activity fell 2.9% in the week ended Jan 27.

Refinancing applications slipped 3.6%, while the loan requests for home purchases declined 1.7%.

Refinancing accounted for 80.0% of applications, down from 81.3%.

Fixed 30-year mortgage rates averaged 4.09%, down from 4.11% the week before.