Mortgage Application Volume Edges Up

New York, NY, Nov. 2, 2011 -- Mortgage application volume was little changed last week as purchase demand improved but refinancing activity dipped, according to the Mortgage Bankers Association.

MBA said its index edged up 0.2% in the week ended Oct. 28.

Applications for home purchases rose 1.8%, while the index of refinancing applications was off 0.2%.

The refinance share of total mortgage activity fell to 77.1% of applications from 77.3% the week before, the fourth straight week of declines.

Fixed 30-year mortgage rates averaged 4.31%, down from 4.33%.