US mortgage applications slip 1.4pc

(Sharecast News) - US mortgage applications fell 1.4% in the week ended 15 August, according to the Mortgage Bankers Association of America, trimming the prior week's 10.9% surge. Applications to refinance a mortgage, which are more sensitive to short-term rate changes, fell by 3.1%, while applications to purchase a home were broadly flat week-on-week.

Last week's drop came alongside a one basis point increase in benchmark 30-year mortgage rates.



Reporting by Iain Gilbert at Sharecast.com