US mortgage applications fall 2.7pc to 21-month low
US mortgage applications fell by 2.7% in the week ended 9 October, according to the Mortgage Bankers Association of America.
Last week's drop marked the sixth consecutive decline to the lowest level since January 2025 and comes alongside a sharp increase in mortgage rates, with the benchmark 30-year fixed rate hitting an almost three-year high of 7.5%.
Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rate, fell by 0.45% week-on-week, while applications to purchase a home fell 4%.
Reporting by Iain Gilbert at Sharecast.com