Mortgage Application Volume Falls

Washington, DC, Feb. 10, 2010--Mortgage application volume last week fell 1.2%, compared with the week before, due to a drop in applications for mortgages to purchase a home, according to the Mortgage Bankers Association.

Applications for mortgages to purchase a home fell 7% for the week ended Feb. 5, compared with the previous week. Refinance applications rose an unadjusted 1.4%.

Refinance applications made up a 69.7% share of all application filings last week, up slightly from 69.2% the previous week.

The average rate on the 30-year fixed-rate mortgage was 4.94% last week, down from 5.01% the previous week. The 15-year fixed-rate mortgage averaged 4.33%, unchanged from the previous week.