US mortgage applications decline 1.4%; USD remains steady on data

US mortgage applications fell 1.4% for the week ending August 15, reversing the previous week's 10.9% gain, according to MBA data. The market index dropped to 277.1 from 281.1, while the 30-year mortgage rate edged higher to 6.68% from 6.67%. Purchase applications remained virtually flat at 160.3 versus 160.2 previously, indicating stable homebuying demand despite elevated rates. Refinancing activity declined more sharply, with the refinance index falling to 926.1 from 956.2. The data had minimal impact on USD pairs, as mortgage applications rarely drive significant forex movements. However, the figures contribute to the broader US economic picture, suggesting continued housing market pressure from high borrowing costs. Currency traders remain focused on more impactful releases including inflation data and Federal Reserve policy signals rather than housing market indicators.