Mortgage applications decline for fourth week in a row in July.

Nasdaq.com reports that mortgage applications declined last week for the fourth straight week despite lower interest rates:

The Mortgage Bankers Association's seasonally adjusted index of mortgage application activity fell 5.1 percent in the week ended July 8, nearly identical to the 5.2 percent drop recorded the week before.

Refinancing, which makes up more than 65 percent of mortgage activity, slipped 6.2 percent. The MBA's measure of new home purchase applications edged down 2.6 percent.

This decline is not necessarily uniform throughout the entire country.