Mortgage Applications Fall Third Straight Week

Washington, DC, Nov. 30, 2011 -- Home mortgage applications fell for a third week in a row last week, hit by a drop in demand for refinancing, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity declined 11.7% in the week ended Nov. 25.

The MBA's seasonally adjusted index of refinancing applications dropped 15.3%, the biggest decrease in more than a month. The gauge of loan requests for home purchases dipped 0.8%.

The refinance share of total mortgage activity eased to 73.9% of applications from 75.9%.

Fixed 30-year mortgage rates averaged 4.21% in the week, down from 4.23% the week before.