With mortgage rates falling again, refinance apps up nationwide

Mortgage application volume for refinancing rose 4.9 percent last week while applications for purchases dropped 3.7 percent, according to new data from the Mortgage Bankers Association for the week that ended Jan. 7. Overall, U.S. mortgage application volume rose 2.2 percent week-over-week as interest rates declined. The 30-year fixed-rate mortgage hit 4.78 percent, down from 4.82 percent last week and 15 basis points below the seven-month high reported two weeks ago. This was the second straight weekly decline for the 30-year mortgage, and its 15-year counterpart followed a similar trend, dropping to 4.15 percent, from 4.23 percent one week earlier. TRD