FX.co ★ US Mortgage Applications Pull Back

In the second week of March, mortgage applications in the United States experienced a decline of 6.2%, following a cumulative increase of 37% over the previous two weeks, as reported by the Mortgage Bankers Association. This decrease aligns with a rise in yields for long-term government bonds and mortgage-backed securities, leading to the first rise in benchmark mortgage rates in nine weeks. Applications for mortgage refinancing, which are more immediately affected by fluctuations in interest rates, fell by 13% from the preceding period. Meanwhile, applications to secure a mortgage for purchasing a new home remained largely stable.