US mortgage applications fall amid high interest rates

Mortgage applications in the US sank 13.1% in the week ended 18 February to the lowest level since December 2019, according to the Mortgage Bankers Association.

Applications to refinance a mortgage declined 15.6%, while ones to purchase a home dropped 10.1% as fixed 30-year mortgage rates increased one basis point to 4.06%.

The fall marked the biggest seen since April 2020 and comes amid rising interest rates, low inventory and high purchasing prices.