Washington, DC, Oct. 2, 2013 -- Mortgage applications fell for the first time in three weeks last week, even as key interest rates continued to edge down, the Mortgage Bankers Association reported.
The Market Composite Index fell by 0.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1% compared to the previous week.
The Refinance Index increased by 3% from the previous week. The refinance share of mortgage activity increased to 63% of total applications, the highest level since August, from 61% the previous week.
The seasonally adjusted Purchase Index decreased by 6% from one week earlier. The unadjusted Purchase Index decreased by 6% compared to the previous week and was 3% lower than the same week one year ago.
The average rate for a 30-year fixed-rate mortgage decreased to 4.49%, the lowest rate since June, from 4.62%.