Mortgage application volume plummets

Mortgage application volume tumbled 22.6 percent during the week ending Feb. 15 as most interest rates rose, according to the Mortgage Bankers Association's weekly application survey.

The MBA's mortgage application index fell to 822.8 for the week, from 1,063.5 during the previous week.

Refinance volume dropped 27.9 percent during the week, while purchase volume fell 11.5 percent. Refinance applications accounted for 61.7 percent of total applications.

The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.

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- Posted: 2008-02-20 09:41:34

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