FX.co ★ US Mortgage Applications Ease for 3rd Week

The volume of mortgage applications in the United States experienced a 1.2% decrease from the previous week ending August 2, marking the third consecutive week of declining mortgage demand, according to the Mortgage Bankers Association. This decline occurred even as benchmark mortgage rates fell by 5 basis points, reaching their lowest level in nearly five months. Applications for purchasing a new home also dropped by 1.2%, reflecting a dip in consumer sentiment and ending a streak of four consecutive weekly gains. Meanwhile, applications to refinance mortgages, which are more responsive to short-term interest rate fluctuations, saw a slight increase of 0.9%.