US mortgage applications slumped 12.7% in the week ended 18 April, according to the Mortgage Bankers Association of America, extending the prior week's 8.5% drop with the sharpest decline since October 2024.
Source: Sharecast
Applications to purchase a home were down 7%, despite evidence pointing to higher inventory levels, while applications to refinance a mortgage fell 20% week-on-week.
The decline comes amid higher benchmark mortgage rates as Donald Trump's escalating trade war with major trading partners brought about a selloff in long-dated Treasury notes and asset-backed securities.
Reporting by Iain Gilbert at Sharecast.com
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