(by Geck Finn)

The prior week, U.S. mortgage applications dropped to their lowest since March, specialists say.

30-year mortgage rates fell 0.11 percentage point to 5.68% against the prior week results. This is 0.23 percentage point lower than the year-ago record. This result is the weakest since the end-March 5.49%.

The Mortgage Bankers Association’s seasonally adjusted market index dropped 2% to 678.2 by September 10, while last week showed 692.0 results. Its adjusted index on new refinancing applications lifted slightly by 1.2% to 1,972.5 against prior week’s 1,948.9.

Fewer loan applications for purchasing homes also led to slowing weekly demand from its 4-month record high. Still, the purchase index remains very high, analysts note.