Mortgage application volume falls

Mortgage application volume fell 1.9 percent during the week ending March 7, according to the trade group Mortgage Bankers Association's weekly application survey released Wednesday.

The MBA's application index fell to 671.7, from 684.9 the previous week.

Refinance volume dropped 4.7 percent, while purchase volume increased 1.6 percent. Refinance applications accounted for 50.6 percent of total applications. Refinance volume has steadily declined since January when it accounted for 73 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: 2008-03-12 10:12:58

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