Mortgage Applications Down in Latest Week

Washington, DC, April 13, 2011 -- Mortgage application volume fell last week to its lowest level since January as interest rates rose, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index fell 6.7% in the week ended April 8.

It was the third week of declines in a row and applications were at their lowest level since the week of Jan. 21.

The index of refinancing applications fell 7.7%, while the measure of home purchase applications dropped 4.7%.

Fixed 30-year mortgage rates averaged 4.98% in the week, up from 4.93% the week before.