Mortgage Purchase Applications Rise

Washington, DC, Oct. 17, 2012 -- Mortgage application volume declined last week, according to the Mortgage Bankers Association, although demand for purchase loans hit their highest level since June.

MBA said its index of mortgage application activity, which includes both refinancing and home purchase demand, fell 4.2% in the week ended Oct. 12.

The purchase index, which measures loan requests for home purchases, increased by 1% over the previous week, putting the index at its highest level since June.

The refinance index fell 5.3% from the previous week. The refinance share of total mortgage activity decreased to 82% of total applications from 83% the prior week.

Fixed 30-year mortgage rates rose to 3.57%.