US mortgage applications down 1pc

(Sharecast News) - US mortgage applications slipped 1% in the week ended 21 August, according to the Mortgage Bankers Association, extending the prior week's 0.4% decline. The shift reflected only a modest uptick in the average 30‑year mortgage benchmark, which remains close to its highest level in a year. Yields on the 30‑year Treasury have surged to multi‑decade highs amid mounting corporate debt, widening federal deficits and worries that the Federal Reserve has become too complacent on inflation.

Applications to refinance a mortgage, which are more sensitive to week-to-week interest rate changes, fell 2% week-on-week, while applications to purchase a home dipped 0.3%.





Reporting by Iain Gilbert at Sharecast.com