Mortgage apps take 13 percent plunge

U.S. mortgage application volume fell by 13 percent last week, with both refinance and purchase applications sinking to their lowest levels in a year, according to new data from the Mortgage Bankers Association through Jan. 21. Refinance applications declined by 15.3 percent from the week-ago period, to their lowest level since January 2010; purchase applications dropped by 8.7 percent to their lowest level since October 2010. Meanwhile, the interest rate for the 30-year fixed-rate mortgage reversed three straight weekly declines, ticking upward to 4.8 percent, from 4.77 percent one week ago. The interest rate for the 15-year mortgage continued to fall, though, to 4.12 percent from 4.16 percent week-over-week. TRD