US mortgage applications fall for fourth straight week

(Sharecast News) - US mortgage applications inched lower in the week ended 17 October, according to the Mortgage Bankers Association, marking the fourth consecutive weekly decline. The MBA's overall market index fell by 0.3% last week, following a 1.8% drop the week before and a 4.7% decline previously.

Applications to refinance a mortgage, which are more sensitive to short-term interest rate changes, increased by 4% over the week, while applications to purchase a home fell by 5% week-on-week.

Meanwhile, the average rate on a 30-year fixed mortgage fell by five basis to 6.37% from 6.42%, tracking the decline in longer-maturity Treasury yields.





Reporting by Iain Gilbert at Sharecast.com