Mortgage Purchase Applications Down For Third Straight Week

Purchase applications for home mortgages were down 2 percent in the July 29 week, with the purchase index posting the third weekly decline straight and falling to its lowest level since February. Despite a slight drop in interest rates, refinancing applications decreased 4 percent after falling a sharp 15 percent in the previous week. Year-on-year, the purchase index is now up only 6 percent, a significant retreat from the plus 30 readings seen in March. The average interest rate for 30-year fixed-rate mortgages on conforming loans ($417,000 or less) fell 2 basis points from the prior week to 3.67 percent.