The volume of mortgage applications in the US rose by 3.1% from the previous week in the last week of July, trimming the 3.8% decline from the earlier period to set the sharpest growth rate in nearly one month, according to data compiled by the Mortgage Bankers Association. The rebound was aligned with a 6bps pullback in benchmark mortgage rates, tracking the drop in long-dated Treasury yields in the week. Applications for a contract to refinance a mortgage, which are more sensitive to short-term changes in interest rates, rose by 5.1%. In turn, applications for a mortgage to purchase a new home rose by a softer 1.5%.