Mortgage Applications Fall Despite Lower Rates

Washington, DC, March 2, 2011 -- Mortgage application volume in the U.S. fell last week, according to the Mortgage Bankers Association.

MBA said its index of loan applications decreased 6.5% in the week ended Feb. 25. The group’s purchase index dropped 6.1%, and its refinancing gauge declined 6.5%.

The average rate on a 30-year fixed loan declined last week to 4.84% from 5% the prior week.

Applications to refinance a loan dropped to 64.9% last week from 65.7% the prior week.