Mortgage Application Volume Down Last Week

Washington, DC, Dec. 4, 2013 -- Mortgage application volume fell 12.8% from the previous week on a seasonally adjusted basis, the Mortgage Bankers Association said.

On an unadjusted basis, MBA said the market composite index dropped 40% from the prior week.

The refinance index decreased 18%, while the seasonally adjusted purchase index fell 4%.

The average rate on 30-year fixed-rate mortgages with conforming loans balances rose to 4.51% from 4.48% in the prior week.