Mortgage Application Volume Falls

Washington, DC, July 24, 2013 -- Mortgage application volume last week fell 1.2% from a week earlier, according to Mortgage Bankers Association.

MBA said its refinance index fell 1% from the previous week to reach its lowest level in two years.

The seasonally adjusted purchasing index was down 2% from the prior week.

The share of applications filed to refinance existing mortgages remained unchanged from the prior week at 63%.

The average rate on 30-year fixed-rate mortgages with conforming loan balances fell to 4.58% from the prior week's 4.68%.