US mortgage applications fall for third straight week

(Sharecast News) - US mortgage applications fell for a third consecutive week at the end of May, according to the Mortgage Bankers Association, with overall volumes down 2.5%.

The decline followed an 8.5% drop in the prior week and came despite a slight easing in benchmark mortgage rates, which tracked lower long‑term Treasury yields as energy prices pulled back from recent highs.

Applications to refinance a mortgage, which are typically more sensitive to short‑term interest rate changes, slipped 2.3% after an 18% plunge in the previous period, while applications to purchases a home were also weaker, easing 2.9% on the week.

Reporting by Iain Gilbert at Sharecast.com