FX.co ★ US Mortgage Applications Ease

Mortgage applications in the US declined by 3.8% in the second week of June, partially reversing the previous period’s 10.8% surge and marking the fourth drop in the past five weeks, according to data from the Mortgage Bankers Association. The decrease occurred even though benchmark mortgage rates held steady, remaining unchanged despite a decline in long-term Treasury yields over the period. Refinancing applications, which tend to react more quickly to short-term interest rate movements, fell by 4.5%. At the same time, applications for mortgages to purchase homes decreased by 3.4%.