The volume of mortgage applications in the US fell by 2.6% from the previous week in the period ending June 13th, trimming the 12.5% surge from the earlier period. The slight pullback contracted with the drop in benchmark mortgage rates, with the fixed-rate on a 30-year mortgage dropping to the lowest in over one month, as economic uncertainty lowered the yield in mortgage-backed securities. Applications for a mortgage to buy a new home fell by 3%. In turn, applications to refinance an existing mortgage, which are more sensitive to short-term changes in interest rates, fell by 2.1%.
