Mortgage applications fell 4.2%, dragged down by weaker refinancing demand, with total volumes nearly 50% below January levels.

The dollar index stayed above 102, near its strongest since April 2025, supported by hawkish Fed minutes and safe-haven demand linked to US-Iran tensions. Expectations for a December rate hike stand at 78%, with weekly jobless claims next on the calendar.

US stock futures edged higher as the bond selloff paused, with 10-year yields below 5.3% and 30-year yields under 5.7%. Wednesday’s session saw the Dow fall 0.66%, while the S&P 500 and Nasdaq each lost 0.22% as yields reached 2002 highs. Jobless claims and earnings from PepsiCo, Progressive and Delta Air Lines are next in focus.

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