Mortgage Application Volume Falls

Washington, DC, Feb. 29, 2012 -- Mortgage application volume last week fell by 0.3% from the prior week, the Mortgage Bankers Association said.

Refinance activity declined 2.2%, according to the MBAsurvey, while purchasing jumped by a seasonally adjusted 8.2%.

The share of applications filed to refinance an existing mortgage fell back to 77.9% of total applications from 80.1% the previous week.

The average rate on 30-year fixed-rate mortgages edged down to 4.07% from 4.09%, while the average for 15-year fixed-rate mortgages fell to 3.36% from 3.38%.