Mortgage Application Volume Falls

Washington, DC, Aug. 31, 2011 -- Mortgage application volume fell 9.6% last week, according to the Mortgage Bankers Association.

Refinancing activity, which drove loan application levels in recent weeks, died down with the refinance index falling 12.2% from a week ago. The purchase index, meanwhile, grew 0.9%.

The refinance share of mortgage activity remained high at 77.8% of total applications, down from 79.8% the previous week.

Mortgage rates continued to fall with the 30-year, fixed-rate mortgage dropping to 4.32% from 4.39%.