FX.co ★ US Mortgage Applications Inch Down

US mortgage applications slipped by 0.4% in the second week of August, partially reversing the two-month high reached in the prior period, according to data from the Mortgage Bankers Association. The modest decline coincided with a steady benchmark 30-year mortgage rate of 6.77%, just four basis points below the one-year high recorded in the last week of July, as long-term Treasury yields hovered near their highest levels in almost two decades. Refinancing applications, which are more sensitive to short-term rate movements, increased by 1.5% from the previous week, while applications for home purchase mortgages declined by 2%.