US MBA mortgage applications w.e. 16 May -5.1% vs +1.1% prior ...Middle East

Prior +1.1%Market index 238.5 vs 251.2 priorPurchase index 157.8 vs 166.5 priorRefinance index 682.5 vs 718.1 prior30-year mortgage rate 6.92% vs 6.86% prior

This is never a market moving release. Of course, as long term interest rates rise, mortgage applications fall. The mortgage market index and the US30Y yield are inversely correlated.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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