Mubasher: Loan applications to refinance existing homes in the United States fell to their lowest level in almost 18 years, according to the Mortgage Bankers Association (MBA).

Most 30-year home borrowing costs decreased last week, as shown by the data released on Wednesday.

The seasonally adjusted index on homeowners' requests for refinancing declined by 3.8% to 958.5 in the week that ended 6 July, its lowest reading since December 2000.