US mortgage applications decreased by 2.9% in the week ended 31 July, according to the Mortgage Bankers Associaiton, building on the prior week's 6.4% increase and marking the sharpest back-to-back decline in two months.
Source: Sharecast
Last week's drop came as benchmark mortgage rates increased, with the 30-year fixed contract rising to a one-year high of 6.81%, amid concerns that the Federal Reserve may not be able to fight inflation in the near term.
Applications to refinance a mortgage, which are more sensitive to week-to-week interest changes, dropped 2% week-on-week, while applications to purchase a home fell by 4%.
Reporting by Iain Gilbert at Sharecast.com
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