Mortgage Applications Down on Higher Rates

Washington, DC, Feb. 13, 2013 -- Mortgage application volume slipped 5.2% last week as some interest rates rose, according to the Mortgage Bankers Association.

The refinance index fell 5.5% for the week ended Feb. 8 from the previous week, while the purchasing index decreased 9.5%.

The share of applications filed to refinance an existing mortgage totaled 78%, unchanged from the prior week.

The average rate on 30-year fixed-rate mortgages rose to 3.75% from 3.73%.