US mortgage applications fall for third straight week

(Sharecast News) - Mortgage applications in the United States fell for the third straight week over the seven days to 10 October, according to the Mortgage Bankers Association on Wednesday. The MBA's overall market index fell 1.8% last week, following a 4.7% drop the week before and a 12.7% plunge previously.

Applications to refinance a mortgage fell by 1.0% over the week, while those for purchases fell by 2.7%.

Meanwhile, the average rate on a 30-year fixed mortgage fell by 1 basis point to 6.42%.