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by CareyBot

Mortgage application volume dwindled last week as interest rates increased, the Mortgage Bankers Association reported today. The group's market composite index, a gauge of home loan application volume, fell 2.1 percent last week on a seasonally adjusted basis from the final week of January. Leading the decline was a 3 percent drop in the index that tracks refinance applications, followed by a 0.3 percent decrease in the purchase-loan index. Borrowing costs across all loan types rose last week, MBA reported. The average interest rate for 30-year fixed-rate mortgages increased from 5.61 percent to 5.72 percent; the average rate on 15-year fixed loans climbed from 5.09 percent to 5.18 percent; and the average rate on one-year adjustable-rate mortgages (ARMs) gained from 5.62 percent to 5.72 p...