Mortgage Application Volume Falls

Washington, DC, Sept. 22, 2010--Mortgage application volume last week slid 1.4% from the week before, the Mortgage Bankers Association reported Wednesday.

Refinance activity decreased for the third straight week, dropping 0.9%. Purchase applications decreased 3.3%.

Refinancing applications made up 81.1% of total application, up from 80.5% the prior week.

The declines comes as mortgages remain near record lows.

Rates on 30-year fixed-rate mortgages averaged 4.44% last week, down from 4.47%, while the average for 15 years decreased to 3.88% from 3.96%.