The volume of mortgage applications in the US eased by 1.9% from the previous week in the final week of October, trimming the 7.1% surge in the previous wee, according to data compiled by the Mortgage Bankers Association. The downtick was consistent with a 1bps increase in benchmark mortgage rates, which resisted a sharper increase in long-term yields following hawkish signals by the Fed. Applications for a contract to refinance a mortgage, which are more sensitive to short-term changes in interest rates and their outlook, fell by 2.8%. In turn, applications for a mortgage to buy a new home fell by 0.7%.