Mortgage Application Volume Down

Washington, DC, July 28, 2010--Mortgage application volume fell last week despite the lowest mortgage rates in decades.

The Mortgage Bankers Association said Wednesday that overall applications fell 4.4% from a week earlier. Applications to refinance home loans dropped 5.9%. Those taken out to purchase homes rose 2%.

The average rate for a 30-year fixed loan rose to 4.69 percent last week from 4.59 percent a week earlier, according to the trade group's report. The rate for a 15-year fixed loan rose to 4.12 percent from 4.05 percent a week earlier.

Refinance applications made up 78% of total applications, down from 79.4% a week earlier.