Mortgage applications fall for third straight week

The Scotsman Guide - Victor Whitman - 09 November 2016

Mortgage applications fell for the third consecutive week, reaching a six-month low, the Mortgage Bankers Association (MBA) reported in its latest weekly survey.

For the week ending Nov. 4, MBA’s overall applications index fell 1.2 percent. The refinance index fell 3 percent to the lowest point since May as key interest rates rose to the highest level since June. The purchase index increased by 1 percent from the prior week.

The refinance share of mortgage activity fell 40 basis points to 62.3 percent of total applications, MBA said.