U.S. Mortgage Application Volume Falls

 The average number of mortgage applications for the week ended Friday fell 2.3% from the previous week, according to a survey by the Mortgage Bankers Association.

The seasonally adjusted purchase index, which a week earlier reached its highest level since July 2013, fell 3% in the most recent period. The unadjusted purchase index fell 2% from the previous week and was 7% higher than the year-ago period, the MBA said.

The refinance share of mortgage activity ticked up to 58% of total applications, from 57% the previous week.

The adjustable-rate mortgage share fell to 5.4% of total applications.

The average rate on 30-year, fixed-rate mortgages with conforming loans--with balances up to $417,000--rose to 3.87% from 3.86% the previous week.

Rates on 30-year, fixed-rate mortgages with jumbo-loan balances--more than $417,000--rose to 3.84% from 3.81% a week earlier.

The average rate for 30-year, fixed-rate mortgages backed by the Federal Housing Administration fell to 3.67% from 3.69%.

The average rate for 15-year, fixed-rate mortgages rose to 3.16% from 3.15% a week earlier.

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