Mortgage Applications Down on Fewer Purchases

Washington, DC, April 27, 2011 -- Mortgage applications in the U.S. fell last week, as purchase applications dropped by the largest amount in nearly a year, according to the Mortgage Bankers Association.

MBA said its index of loan applications decreased 5.6% in the period ended April 22. The measure of purchases fell 14%, the biggest decline since last May, and the refinancing index fell 0.6%.

The average rate on a 30-year fixed loan decreased last week to 4.80% from 4.83%.