Mortgage Application Volume Falls

Washington, DC, Feb. 17, 2010--Mortgage application volume last week dropped 2.1%, compared with the previous week, the Mortgage Bankers Association reported on Wednesday.

Applications filed to refinance an existing mortgage fell 1.2% from the previous week. Home-purchase mortgage applications fell 4.0%.

Refinance applications made up a 69.3% share of all applications, down slightly from 69.7% the previous week.

Rates on 30-year fixed-rate mortgages averaged 4.94%, unchanged from the previous week; 15-year fixed-rate mortgages averaged 4.33%, also unchanged from the previous week.