US mortgage applications fell by 10% in the week ended 11 July, according to the Mortgage Bankers Association of America.
Source: Sharecast
Last week's drop more than reversed the prior week's 9.4% increase as mortgage applications registered the sharpest decline in almost three months, as benchmark mortgage rates increased by five basis points.
Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rate, sank by 12% week-on-week, while applications to purchase a home 7%.
Reporting by Iain Gilbert at Sharecast.com
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