Mortgage Application Volume Falls 11 Percent

Washington, D.C.–Mortgage application volume dropped 11.1 percent in the week ending April 25, the Mortgage Bankers Association said.The Washington, D.C.-headquartered association’s application index declined from 637.6 the week before to 567, according to BusinessWeek.Purchase application volume fell 4.8 percent. Refinance volume declined 16.7 percent. Refinance applications comprised 45.7 percent of all applications.The index hit its record high–1,856.7–in May 2003.