According to the Mortgage Bankers Association weekly applications survey, mortgage loan applications dropped for the fourth week in a row, down 0.8% for the week ending Sept 24, 2010.
This data topped last weeks, as the MBA reported a 1.4% decline.
For the fifth consecutive week, the refinance index dropped 1.6% from the previous weeks. Government purchase applications aided in the seasonally adjusted purchase index did increase of 2.4% from last week.
The unadjusted purchase index remained 32.4% lower than last year.
The four-week rolling average for the seasonally adjusted market index dropped 3.3%. For the purchase index, the four-week average increased 1.1%, and it fell 4.2% for the four-week average on the refinance index.
Refinanced mortgage activity, which decreased 81.1% last week, decreased to 80.7% of the total applications.
Interest rates for a 30-year fixed and the 15-year fixed rate mortgages dropped again approaching record lows. The 30-year FRM dropped to 4.38% from 4.44% last week, and the 15-year FRM decreased to 3.77% from 3.88%.
