Economic Buzz: US mortgage applications fall for third week

Mortgage applications for house purchase in the U.S. decreased for a third week in a row, survey results from the Mortgage Bankers Association showed on Wednesday.

The market composite index, which measures the house purchase mortgage loan application volume, dropped a seasonally adjusted 1.8 percent in the week ended October 10 following a 4.7 percent decline in the previous week, results of the MBA Weekly Mortgage Applications Survey revealed.

The refinance index fell 1 percent after an 8 percent slump in the previous week, the MBA survey showed. The purchase index decreased 3 percent following a 1 percent drop in the previous week.

The refinance share of mortgage activity rose to 53.6 percent of total applications from 53.3 percent in the previous week. The adjustable-rate mortgage (ARM) activity fell to 9.3 percent of total applications from 9.5 percent.

The 30-year fixed mortgage rate fell slightly to 6.42 percent from 6.43 percent.

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