Mortgage Application Volume Drops

Washington, DC, March 12, 2014 -- Mortage application volume fell 2.1% on a seasonally adjusted basis last week as interest rates rose from the prior week, the Mortgage Bankers Association said.

MBA said the refinance index dropped 3%, while the seasonally adjusted purchase index fell 1%.

The average rate on 30-year fixed-rate mortgages loans grew to 4.52% from 4.47% the previous week.