Mortgage applications in the U.S. dropped for a third consecutive week as refinancing eased to a two-month low.
The Mortgage Bankers Association’s index fell 2.3 percent in the period ended Nov. 15 after a 1.8 percent loss the week prior, the Washington-based trade group said today.
The group’s purchases measure climbed 5.8 percent to the highest since September. The refinancing gauge declined 6.5 percent to the weakest since mid-September.
The average rate on a 30-year fixed loan increased to 4.46 percent last week, the highest in a month, from 4.44 percent. The rate on a 15-year loan was unchanged at 3.52 percent.
The share of applicants looking to refinance decreased to 64.3 percent, the lowest since the period ended Oct. 4, from 66.3 percent.