Despite record-low mortgage rates, mortgage applications fell 1.3 percent last week, according to the ""Mortgage Bankers Association"":http://www.mbaa.org/default.htm (MBA).[IMAGE]
The trade group found that mortgage loan application volume declined by a seasonally adjusted 1.3 percent. It fell 1.6 percent on a seasonally unadjusted basis.[COLUMN_BREAK]
The Refinance Index climbed down by 1.5 percent from the week before, with declines on the way for the seasonally adjusted Purchase Index by 0.6 percent. The same index went down by a seasonally unadjusted 1.8 percent.
The refinance share of mortgage activity stayed the same at 76.6 percent of total volume from the week before, while the adjustable-rate mortgage share of activity fell to 4.9 percent from 5 percent.
Analysts with Keefe, Bruyette & Woods fielded expectations that refinance activity will continue to stay high in an environment with low interest rates fueled by the Home Affordable Refinance Program.
The four-week moving average went up 3.23 percent for the seasonally adjusted Market Index and fell 0.67 percent for the Purchase Index. It ticked up by 4.36 percent for the Refinance Index.
Mortgage rates meanwhile zigzagged to record lows.