Mortgage applications down for the third straight week

The four-week moving average for applications, which smoothes the volatile weekly figures, was down 2.3 percent. The purchase index average is up 1 percent while the refinancing index is down 3 percent. 

The refinance share of mortgage activity increased to 81.1 percent of total applications from 80.5 percent the previous week. 

The loan rate on 30-year-fixed mortgages decreased to 4.44 percent from 4.47, while the 15-year-fixed rate dropped to 3.88 percent from 3.96 percent.

Building permits for new homes were down slightly in August while housing construction was up 10.5 percent, bolstered by gains in apartment and condominium building, according to Tuesday’s Commerce Department report.