US mortgage application volume rose 1.1% as interest rates fell slightly last week, the Mortgage Bankers Association reported Wednesday. General mortgage application activity posted a gain of 1.1% for the week ended July 14th, including an adjustment for Independence Day. On an unadjusted basis, orders were up 27% from the prior week. Mortgage rates fell last week, as markets responded positively to incoming data showing that US inflation continues to ease. “Most rates in our survey are down, with the 30-year constant rate down to 6.87%,” said Joel Kahn, vice president and deputy chief economist at MBA.