US mortgage applications fell 4.7% in the week ended 3 October, according to the Mortgage Bankers Association of America, extending the 12.7% drop seen in the prior period and further trimming a recent three-week surge of 42%.
Source: Sharecast
Despite a fresh decline in benchmark mortgage rates, buyers remained cautious amid ongoing uncertainty around US borrowing costs, with demand shifting toward adjustable-rate loans, which accounted for 9.5% of total contracts, up from 8.4% a week earlier.
Applications to refinance a mortgage, which are more sensitive to short-term rate moves, fell 8%, while applications to purchase a home eased 1% week-on-week.
Reporting by Iain Gilbert at Sharecast.com
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