US Mortgage Applications decrease

After U.S. mortgage applications increased five weeks in a row, applications for U.S. home mortgages fell for the first time.

The Mortgage Bankers Association revealed in its seasonally adjusted index of mortgage applications, that new applications declined 1.6 percent in the week ending November 2nd.

The drop in mortgage applications was led by mortgage refinances which dropped 3.2 percent.  Home purchase mortgages stayed relatively flat, dropping last than a percentage.

You can read more about declining mortgage applications at CNBC.