Mortgage Application Volume Down Last Week

Washington, DC, May 15, 2013 -- Mortgage application volume last week fell 7.3% from the prior week as several interest rates rose, the Mortgage Bankers Association said.

The refinance index decreased 8%, while on a seasonally adjusted basis, the purchasing index dropped 4%.

The average rate on 30-year fixed-rate mortgages increased to 3.67% from 3.59% in the prior week.