FX.co ★ US Mortgage Applications Ease

The volume of US mortgage applications declined by 2.2% in the week ending July 3rd, extending the subdued activity seen over the previous two weeks, according to data from the Mortgage Bankers Association. The modest movement aligned with the relative stability in benchmark mortgage rates: the average 30-year fixed rate rose by just one basis point to 6.58%, even as longer-term Treasury yields climbed more sharply over the same period. Refinancing applications, which tend to react more quickly to short-term rate changes, fell by 4.1%, while applications for home purchase mortgages edged down by 0.6%.