Mortgage Application Volume Falls

Washington, DC, July 13, 2011 -- Mortgage applications fell last week for the fourth week in a row, according to the Mortgage Bankers Association.

Demand for refinancing fell even as interest rates tumbled, an industry group said on Wednesday.

MBA said its seasonally adjusted index of mortgage application activity fell 5.1% in the week ended July 8.

The MBA's index of refinancing applications lost 6.2%, while the gauge of loan requests for home purchases dipped 2.6%.

The refinance share of mortgage activity decreased to 65.6% of total applications from 66.4% the week before.

Fixed 30-year mortgage rates averaged 4.55%, down from 4.69%.