U.S. mortgage applications fell for a third consecutive week, with demand for home purchase loans falling to its lowest since November 2003 despite a drop in interest rates, an industry trade group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended April 21 fell 3.7 percent to 548.6, its lowest level this year. It was 569.6 in the previous week.
The MBA’s seasonally adjusted purchase mortgage index fell 4.4 percent to 389.4 from the previous week’s 407.4, its lowest level since the week ended Nov. 7, 2003 when it touched 375.4.
The group’s seasonally adjusted index of refinancing applications decreased 2.4 percent to 1,489.4 compared with 1,526.1 the previous week.