US mortgage applications fall by 2.2pc

(Sharecast News) - US mortgage applications fell by 2.2% on the week ended 3 July, according to the Mortgage Bankers Association.

Last week's modest decline came amid relative stability in benchmark mortgage rates, with the 30-year fixed rate rising just a single basis point to 6.58%, despite an increase in longer-term Treasury yields during the week.

Applications to refinance a mortgage, which are more sensitive to week-to-week changes in interest rates, fell by 4.1%, while applications to purchase a home inched down by 0.6%.

Reporting by Iain Gilbert at Sharecast.com