More broadly, US mortgage applications sank -5.7% last week from the previous week, the most since mid-February, and ending three consecutive rises. The retreat follows a fresh rise in benchmark mortgage rates, above 7% and following the rise in long-date Treasury yields. The median yield today was 4.59%, down marginally from the 4.66% at the prior equivalent event a month ago. The German CPI inflation rate edged higher in May to 2.4%, a marginal increase from their 2.2% April rate. Wall Street has slipped again today as rates rise further with the S&P500 down another -0.7% in late Wednesday trade.

Source: Stuff May 29, 2024 23:16 UTC