Mortgage applications in the US fell by 1.6% from the previous week on the period ending April 24th, trimming the 7.9% jump from the earlier period, according to data compiled by the Mortgage Bankers Association. The slight pullback was aligned with a 2bps increase in the benchmark mortgage rate that is also compiled by the MBA, tracking the increase in long-term Treasury yields as upside inflation risks from higher energy costs limited the room for rate cuts by the Federal Reserve. Applications for a contract to refinance a mortgage, which are more sensitive to short-term changes in rates, fell by 4.4%. In turn, applications for a mortgage to purchase a new home, inched higher by 1.1%.