US mortgage applications drop for sixth straight week

US mortgage applications dipped 0.5% on a seasonally adjusted basis in the seven days ended 28 October - a sixth consecutive weekly decline.

According to the Mortgage Bankers Association of America, the purchase index fell 0.8%, while the refinancing index increased by 0.2%.

The 30-year mortgage rate fell ten basis points to 7.06%, the first decline in eleven weeks, but remained close to levels not seen in more than 20 years.

Following last week's decline, mortgage applications now sit 41% lower than at the same time a year earlier, while refinancing operations were 85% weaker year-on-year

Reporting by Iain Gilbert at Sharecast.com