Nov. 20 (Bloomberg) -- 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.
To contact the reporter on this story: Ben Schenkel in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Chris Wellisz at email@example.com