US mortgage applications fall 2.3%

US mortgage applications fell 2.3% in the week ended 26 April, according to the Mortgage Bankers Association, extending the two-month-high decline of 2.7% seen in the previous week.

Last week's drop followed another fresh increase in mortgage rates as expectations that high inflation will force the Federal Reserve to hold interest rates at a higher clip for longer triggered an increase in Treasury yields.

Applications to refinance a home fell by 3%, while applications to purchase a new home fell by 2%

Reporting by Iain Gilbert at Sharecast.com