Mortgage applications in the United States declined last week, amid continued uncertainty about the outlook for the US economy under President Donald Trump's policies.
According to the Mortgage Bankers Association on Wednesday, mortgage application volume fell 3.8% on a seasonally adjusted basis in the seven days ending July 26.
Refinance applications fell 1% compared to the previous week, but are still nearly 30% higher than the same period last year.
The average interest rate on the 30-year fixed-rate mortgage fell slightly to 6.83%, compared to 6.84% the previous week.
Joel Kahn, the association's vice president and deputy chief economist, said in a statement today that mortgage applications fell due to a marked decline in both purchase and refinance applications, amid continued uncertainty surrounding the economy and the labor market
