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Mortgage Applications Fall 8.1%

Mortgage application volume fell 8.1% in the week ended Jan. 25, as refinances dropped 10% and purchases were down 2%, according to the Mortgage Bankers Association's weekly mortgage applications survey.

The results include an adjustment to account for the Martin Luther King holiday.

Refinances slipped to 79% of applications from 82% the week before, while adjustable-rate mortgages accounted for 4% of volume. HARPs were 26% of refinances, up from 25% a week earlier.

The average 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) rate rose to 3.67%, the highest level since September 2012, from 3.62%, while the average 15-year fixed-rate mortgage climbed to 2.95% from 2.87%.

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