US mortgage applications fall 1.9pc

(Sharecast News) - US mortgage applications fell 1.9% in the week ended 24 October, according to the Mortgage Bankers Association, trimming the prior weel's 7.1% surge. Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, dropped 2.8% week-on-week, while applications to purchase a home fell by 0.7%.

Last week's drop came as benchmark mortgage rates rose by one basis point, which helped cap a steeper rise in long-term yields despite hawkish messaging from the Federal Reserve.







Reporting by Iain Gilbert at Sharecast.com