The volume of mortgage applications in the US fell by 5% from the previous week on the week ending December 19th to their lowest in over three months, extending the 3.8% drop in the earlier period to mark the first back-to-back decline since October, according to data compiled by the Mortgage Bankers Association. The result was aligned with the rebound in long-dated Treasury bonds earlier in the month amid the uncertainty of whether the Federal Reserve will deliver multiple rate cuts next year, even though benchmark mortgage rates dropped. Application volumes fore a contract to refinance a mortgage fell by 5.6% from the previous week, while applications for a mortgage to buy a new home fell 3.7%.