US mortgage applications fall 1.2pc despite modest easing in borrowing costs.
US mortgage applications fell 1.2% in the week ended 30 October, according to the Mortgage Bankers Association of America, following a 3.4% rise in the prior week.
Source: Sharecast
Applications to purchase a home fell 2% week-on-week, while applications to refinance a mortgage ticked up just 0.1%
The fall comes despite a modest easing in borrowing costs, with the average rate on 30-year fixed mortgages decreasing to 7.3% from 7.37% - its lowest level since September.
Reporting by Iain Gilbert at Sharecast.com
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