Mortgage Applications Down Last Week

Washington, DC, Feb. 22, 2012 -- Mortgage application volume last week fell 2.5% from the prior week, the Mortgage Bankers Association said.

Refinance activity decreased 4.8%, according to the MBA's weekly survey, while purchasing activity fell by a seasonally adjusted 2.9%.

The share of applications filed to refinance an existing mortgage decreased to 80.1% of total applications from 81.1% the previous week.

The average rate on 30-year fixed-rate mortgages with conforming loan balances edged up to 4.09% from 4.08%.