US mortgage applications fall 4.1pc as mortgage rates hit 16‑month high

(Sharecast News) - US mortgage applications fell 4.1% in the second week of September, according to the Mortgage Bankers Association, extending the 2.7% decline seen previously and marking the sharpest drop in seven weeks. Applications to refinance a mortgage slid 9%, while applications to purchase a home edged 1% lower, reflecting softer demand against a backdrop of rising borrowing costs and uncertainty over future property disposals.

The fall comes as the 30‑year fixed mortgage rate jumped to a 16‑month high of 6.97%.



Reporting by Iain Gilbert at Sharecast.com