Mortgage Application Volume Plunges

Washington, DC, Oct. 20, 2010 -- Mortgage application volume the week of October 15 fell 10.5% from the previous week, according to the Mortgage Bankers Association.

The Refinance Index decreased 11.2% from the previous week. The seasonally adjusted Purchase Index decreased 6.7% from one week earlier. The unadjusted Purchase Index decreased 6.6% compared with the previous week and was 29.4% lower than the same week one year ago.

The average interest rate for 30-year fixed-rate mortgage increased to 4.34% from 4.21%, the first increase in six weeks.  

The average interest rate for 15-year fixed-rate mortgages increased to 3.74% from 3.62%, also the first increase in the in six weeks.