US mortgage applications rise 1pc, partially reversing prior week's decline.
US mortgage applications edged up 1% in the week ended 21 June, according to the Mortgage Bankers Association, partially reversing the prior week's 3.8% decline.
Source: Sharecast
Applications to refinancing a mortgage, which are more sensitive to short‑term interest rate moves, rose 3% on the week, while applications to purchase a home slipped by less than 1%, continuing a subdued trend amid high borrowing costs and tight supply.
The slight increase came as the average 30‑year mortgage rate dipped by one basis point, offering limited relief after recent volatility. A pullback in oil prices following signs of de‑escalation between the US and Iran helped ease some inflation concerns, though expectations of a still‑hawkish Federal Reserve kept longer‑dated Treasury yields from moving meaningfully lower.
Reporting by Iain Gilbert at Sharecast.com
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