US mortgage applications fall 4.4pc

(Sharecast News) - US mortgage applications fell 4.4% in the week ended 1 May, according to the Mortgage Bankers Association, extending the previous week's 2.6% decline. The drop came as benchmark mortgage rates rose by eight basis points, reflecting higher long‑term Treasury yields amid surging energy prices, increased underlying inflation and a resilient labour market that has fuelled expectations of a Federal Reserve rate hike later in the year.

Applications to efinancing a mortgage, which are typically more sensitive to week-to-week rate moves, fell 5% week-on-week, while applications to purchase a home were down 3.7%.







Reporting by Iain Gilbert at Sharecast.com