U.S. MORTGAGE DEMAND WEAKENS AS RATES HIT ONE-YEAR HIGH U.S. mortgage applications fell 2.9% in the week ended July 31, according to the MBA

U.S. MORTGAGE DEMAND WEAKENS AS RATES HIT ONE-YEAR HIGH U.S. mortgage applications fell 2.9% in the week ended July 31, according to the MBA. The purchase index declined 3.6%, while the refinance index fell 1.9%. The average 30-year mortgage rate rose 5 bps to 6.81%, its highest level in more than a year, weighing on homebuying and refinancing activity.