Mortgage applications in U.S. fell on less refinancing

Mortgage applications fell for the third time in the past four weeks as fewer Americans refinanced their homes.

The Mortgage Bankers Association's index dropped 0.2 percent in the period ended Sept. 26 after a 4.1 percent decline a week before, the Washington-based trade group reported today.

The refinancing gauge fell 0.3 percent after slumping 7 percent a week earlier, while the measure of purchase applications was unchanged.

The average rate on a 30-year fixed loan dropped for the first time in a month, falling to 4.33 percent from 4.39 percent. The average rate on a 15-year mortgage was little changed at 3.55 percent compared with 3.56 percent the week prior.

To contact Bloomberg News staff for this story: Danielle Trubow in Washington at dtrubowbloomberg.net To contact the editors responsible for this story: Carlos Torres at ctorres2bloomberg.net Vince Golle