US mortgage applications fall 12.7pc

(Sharecast News) - US mortgage applications fell sharply last week, snapping a three-week rally, according to the Mortgage Bankers Association, as rising Treasury yields pushed borrowing costs higher. For the week ended 26 September, total mortgage application volume dropped 12.7% from the prior week, matching the steepest weekly decline in nearly a year and trimming a combined 42% surge in applications over the previous three weeks.

Applications to refinance a mortgage, which are more sensitive to short-term rate movements, plunged 21% week-on-week, while applications to purchase new homes eased by 1%.





Reporting by Iain Gilbert at Sharecast.com