Mortgage Applications Down at Year's End

Washington, DC, Jan. 4, 2012 -- Mortgage application volume fell in the final week of 2011, even as mortgage rates declined, according to the Mortgage Bankers Association.

Applications for U.S. home mortgages fell 4.1% in the week ended December 30. Purchase applications dropped by a 9.6% and refinancing applications fell 2.5%.

Average 30-year mortgage rates dipped to the year's low of 4.07% from 4.10% the prior week, and well below 4.82% at the end of 2010.

Refinancing applications represented about 82% of total mortgage activity in the latest week, the highest share of the year.