Mortgage Applications Decline in Latest Week

Washington, DC, May 30, 2012 -- Mortgage application volume last week slipped 1.3% from the prior week, the Mortgage Bankers Association said.

Refinance activity fell 1.5% from the previous week, while purchase applications declined 1.8%.

The share of applications filed to refinance an existing mortgage was unchanged from the prior week at 76.6% of total applications.

The average rate on 30-year fixed-rate mortgages fell to 3.91%.