US mortgage applications fall 2.7% week-on-week

US mortgage applications fell by 2.7% week-on-week in the seven days ended 19 April, trimming the 3.3% increase from halfway through the month to mark the sharpest weekly decline since early February, according to the Mortgage Bankers Association of America.

Last week's decline in mortgage applications came as mortgage rates jumped 11 basis points to 7.24%, the highest level seen since November, amid hotter-than-expected economic data and stubborn inflation led to sharp selling pressure for US Treasuries.

Applications to refinance a home loan fell 6% for the week, while applications for a mortgage to purchase a home fell 1% week-on-week.

Reporting by Iain Gilbert at Sharecast.com