Glenn McCullom

A dip in conventional mortgage refinance demand drove mortgage application volume down compared with one week earlier, according to the Mortgage Bankers Association.

Mortgage rates ended the week little changed from the previous seven-day period and near historic lows for the year, according to Freddie Mac.

Mortgage rates rose for the first time since the middle of July, but that, along with continued consumer worries about the economy, helped to reduce application activity from the prior week.

Mortgage refinance applications reached their highest level in three years as interest rates plunged last week in the aftermath of the Federal Open Market Committee's March meeting.