US mortgage applications fall 2.7pc as rates hit 11‑month high

(Sharecast News) - US mortgage applications fell 2.7% in the week to 10 July, according to the Mortgage Bankers Association, extending the prior week's decline. Last week's drop came as the benchmark 30‑year fixed mortgage rate rose seven basis points to 6.65%, matching its highest level in 11 months. The MBA said the increase reflected sharply higher long‑term Treasury yields amid heightened concerns over energy‑driven inflation.

Applications to refinance a mortgage, which are more sensitive to short‑term interest rate moves, fell 4%, while applications to purchase a home dropped a steeper 7% week-on-week.







Reporting by Iain Gilbert at Sharecast.com