US mortgage applications fall for third straight week

(Sharecast News) - Mortgage applications in the US have fallen for the third straight week, according to data out on Wednesday from the Mortgage Bankers Association of America. Applications were down 1.6% in the seven days to 28 March, following a 2.0% drop the preceding week and a 6.2% plunge the week before.

Applications for new home purchases rose for the sixth straight week, increasing 1.5% to a nine-week high.

However, refinancing applications dropped 5.6% to their lowest mark in five weeks.

According to the MBA, the rate on a 30-year fixed mortgage averaged 6.70% last week, down marginally from 6.71% the week before.