US mortgage demand weakens for fourth time in five weeks, applications down 3.8pc

(Sharecast News) - US mortgage applications fell for a fourth time in five weeks in the week ended 12 June, according to the Mortgage Bankers Association, with overall volumes down 3.8% despite benchmark mortgage rates holding steady. Applications to refinance a mortgage, which are more sensitive to week-to-week rate moves, dropped 4.5%, while applications to purchase a home were 3.4% lower week-on-week.

MBA chief economist Mike Fratantoni said: "Last week's CPI data showed that inflation continued to move higher, putting upward pressure on rates early in the week, but growing optimism regarding the opening of the Strait of Hormuz brought rates down again by the end of the week."







Reporting by Iain Gilbert at Sharecast.com