USD: Mortgage Applications Fall 1.2% as Rates Ease to 6.64%
US mortgage applications declined 1.2% for the week ending August 29, reversing the previous week's 0.5% drop, despite a modest decline in the 30-year mortgage rate to 6.64% from 6.69%. The market index fell to 272.5 from 275.8, with the purchase index dropping notably to 158.7 from 163.8, indicating weaker homebuying activity. The refinance index showed resilience, rising to 902.5 from 894.1, as some borrowers took advantage of the slightly lower rates. While this data rarely moves forex markets directly, persistent housing market weakness could influence Federal Reserve policy considerations. The continued high mortgage rates above 6.5% maintain pressure on the US housing sector, potentially contributing to broader economic slowdown concerns that could weigh on USD strength in the medium term.
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