US mortgage applications fall for fourth straight week
US mortgage applications inched lower in the week ended 17 October, according to the Mortgage Bankers Association, marking the fourth consecutive weekly decline.
Source: Sharecast
The MBA's overall market index fell by 0.3% last week, following a 1.8% drop the week before and a 4.7% decline previously.
Applications to refinance a mortgage, which are more sensitive to short-term interest rate changes, increased by 4% over the week, while applications to purchase a home fell by 5% week-on-week.
Meanwhile, the average rate on a 30-year fixed mortgage fell by five basis to 6.37% from 6.42%, tracking the decline in longer-maturity Treasury yields.
Reporting by Iain Gilbert at Sharecast.com
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