(Bloomberg News) Mortgage applications in the U.S. declined for a third straight week as fewer homeowners refinanced.
The Mortgage Bankers Association's index decreased 6.7 percent in the period ended June 29 from the prior week, the Washington-based group reported today. The refinance index fell 8.4 percent, the second straight decline after reaching the highest level since April 2009 last month. The purchase gauge climbed 0.6 percent.
The average rate on a 30-year fixed loan declined to 3.86 percent, the lowest level in records going back to 1990, from the previous week's 3.88 percent. The average rate on a 15-year mortgage fell to 3.20 percent from 3.24 percent.
The share of applicants looking to refinance a loan fell to 78 percent last week from 79.5 percent the previous week, today's report showed.