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US weekly mortgage applications post 3rd-straight decline

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US weekly mortgage applications post 3rd-straight decline

U.S. mortgage applications declined for the third consecutive week, shedding 0.4% on a seasonally adjusted basis for the week ended Sept. 29, after a 0.5% decline in the week before, according to the Mortgage Bankers Association.

On an unadjusted basis, the market composite index was down 1% over the previous week.

The refinance index slipped 2% from the previous week, while the seasonally adjusted and unadjusted purchase indices were up 1% each.

The refinance share of mortgage activity decreased to 50.1% of total applications in the week ended Sept. 29, from 50.8% in the week before, the MBA survey noted.