Mortgage Applications Drop 1.4%

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Mortgage applications fell 1.4% in the week ending Sept. 17, dragged down by a decline in the number of applications for loans to purchase houses.

Applications for loans to purchase a home dropped 3.3% from a week earlier on a seasonally adjusted basis, The Mortgage Bankers Association said. Applications for loans to refinance a home dropped 0.9%.

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The four-week moving average for all mortgage loan applications is down 2.3%.

The average contract interest rate for 30-year fixed-rate mortgages fell to 4.44% from 4.47%. The average rate for 15-year fixed mortgages fell to 3.88% from 3.96%.

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