Mortgage application volume fell 14.2 percent during the week ending April 18, according to the Mortgage Bankers Association's weekly application survey.
The MBA's application index fell to 637.6 from 743.4 the previous week.
Refinance volume fell 20.2 percent, while purchase volume declined 6.4 percent. Refinance applications accounted for 49.2 percent of total applications compared with 53.5 percent a week earlier.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
This article addresses the declining amount of mortgage applications being completed which shows the declining housing market. This article also addresses the rising interest rates of items which prevent some from purchasing or investing. Both of these factors show the declining United States's economy which many hope will not last much longer.
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