Mortgage demand slipped for a third straight week, according to the latest survey from the Mortgage Bankers Association.

The group’s home loan application index fell 5.2 percent on a seasonally adjusted basis during the week ending July 1 compared to one week earlier.

The refinance index dropped 9.2 percent from the previous week and is now at its lowest point since the week ending May 6.

(What do mortgage lenders look for?)

Meanwhile, the purchase money mortgage index increased 4.8 percent on a seasonally adjusted basis from one week earlier.

“Refinance activity, already constrained by a smaller pool of eligible borrowers, declined in response to the higher rates, but purchase applications picked up appreciably in the week before the July 4th holiday,” said Michael Fratantoni, MBA’s Vice President of Research and Economics, in a release.

The popular 30-year fixed-rate mortgage averaged 4.69 percent, up from 4.46 percent a week earlier, while the 15-year fixed climbed to 3.79 percent from 3.64 percent.

“Stronger economic data towards the end of the week coupled with the end of the Fed’s second round of quantitative easing helped bring mortgage rates to their highest level in over a month,” he added.

The mortgage rates above are good for mortgages at 80 percent loan-to-value – but pricing adjustments can lower or raise your actual interest rate.

Keep in mind the MBA’s weekly survey covers more than half of all retail, residential loan applications, but does not factor out duplicate or rejected apps, which have surely risen since the mortgage crisis got underway a few years back.