The volume of mortgage applications in the US fell by 5.2% from the previous week in the second period of November, more than erasing the 0.6% increase from the earlier week, according to data compiled by the Mortgage Bankers Association. It was the sharpest drop since late September, tracking another increase in benchmark mortgage rates as concerns of stubborn inflation and hawkish remarks by key Fed members trimmed the outlook of an incoming cut to benchmark short-term rates. Applications for a contract to refinance a mortgage, which are more sensitive to short-term changes in rates, sank by 7.3%. In turn, applications for a mortgage to purchase a home dropped by 2.3%.