Mortgage applications decline 2.7%

The number of mortgage applications filed in the United States fell for a second week in a row, declining 2.7% as consumers backed away from new home purchases and refinancing options.

The Mortgage Bankers Association's refinance index – a measure of refinancing activity – fell 2.6% this past week, while the purchase index dropped 3% on a seasonally adjusted basis. Meanwhile, the four-week moving averages for the seasonally adjusted market index and the refinance index grew 0.7% and 1.5%, respectively.

The four-week average for the purchase index declined 1.5%.

Despite a reported drop in the refinance index, refinancing applications still make up 69.5% of all mortgage activity.

Mortgage rates also declined this week, hitting their lowest point in seven months, with the 30-year, fixed-rate mortgage declining to 4.46% from 4.57% last week.

The average rate for the 15-year, FRM also fell from 3.70% to 3.64%.

Write to: Kerri Panchuk.