FX.co ★ US Mortgage Applications Rebound

In the final week of July, the volume of mortgage applications in the United States experienced a 3.1% increase compared to the previous week, effectively offsetting the earlier 3.8% decline, marking the most significant growth rate in nearly a month. This recovery is attributed to a 6 basis point decrease in benchmark mortgage rates, reflecting the decline in long-term Treasury yields during the week, as reported by the Mortgage Bankers Association. Applications for mortgage refinancing, which are more responsive to short-term interest rate fluctuations, saw a 5.1% rise. Meanwhile, applications for mortgages to purchase new homes experienced a more modest increase of 1.5%.