US mortgage demand falls for second week

Demand for US mortgage loans declined for the second week in a row, as interest rates rose slightly.

Data released on Wednesday by the Mortgage Bankers Association (MBA) showed that loan applications fell 0.50% last week.

Refinance applications for existing loans also fell 4% week-on-week (WoW) but remained 19% higher than the same week last year.

This coincided with the average interest rate on 30-year fixed-rate mortgages rising to 6.69% from 6.68% the previous week.

However, home loan applications rose 2% WoW and 25% year-over-year (YoY), with the average loan value rising to $433,400, a two-month high.