Mortgage Applications Fall in Latest Week

Washington, DC, March 23, 2011 -- Mortgage applications in the U.S. fell last week, according to the Mortgage Bankers Association.

The association’s index of loan applications declined 0.7% in the week ended March 11. The group’s purchase index fell 4%, while refinancing climbed 0.9%.

The average rate on a 30-year fixed loan decreased last week to 4.79%, the lowest since Jan. 14, from 4.93%.

The average rate on a 15-year fixed mortgage fell to 4.03% from 4.17%.

The share of applicants seeking to refinance a loan rose to 66.4% from 65.5% the prior week.