US mortgage applications fall 6.4pc

(Sharecast News) - US mortgage applications decreased by 6.4% in the week ended 24 July, according to the Mortgage Bankers Associaiton, more than reversing the prior week's 1.9% increase. Last week's drop came as benchmark mortgage rates increased, with the 30-year fixed contract rising to a one-year high of 6.76%, amid inflationary pressures and evidence that a robust labour market supported expectations that the Federal Reserve rate will look to hike interest rates before the end of 2026.

Applications to refinance a mortgage, which are more sensitive to week-to-week interest changes, fell 9.9% week-on-week, while applications to purchase a home fell by 3.6%.







Reporting by Iain Gilbert at Sharecast.com