Mortgage Applications Decline for Third Week

U.S. mortgage applications fell for a third week as home purchases dropped to their lowest level since the end of 2003, a private group survey found.

The Mortgage Bankers Assn.’s gauge of applications to buy and refinance homes fell 3% last week to 587.8, the lowest level since June, from 605.7 the previous week.

Applications to buy homes declined 5.8% to 393.1, the lowest level since the week ended Dec. 26, 2003, from 417.3.