02:32 PM EDT, 03/27/2024 (MT Newswires) -- The Mortgage Bankers Association reported a 0.7% decline in mortgage applications in the week ended March 22 after a 1.6% drop in the previous week.

Both refinancing activity and new home applications fell despite lower mortgage rates. MBA said homebuyers appear to be holding out for further rate declines and an increased inventory of homes for sale.

Total crude oil inventories rose by 3.9 million barrels in the week ended March 22, with commercial oil inventories up 3.2 million barrels and stocks in the US Strategic Petroleum Reserve up 700,000 barrels. Gasoline inventories rose in the week while distillate inventories declined.

The collapse of the Francis Scott Key Bridge in Baltimore on Tuesday is expected to have a significant impact on shipping on the east coast, with some estimates suggesting an economic loss of $217 million for every day the port is close as well as the impact to related jobs, according to Stifel.

While ships can be rerouted to other ports, the loss of the bridge will have a significant impact on trucking through the area and could have an inflation effect on goods transported by ships and trucks through the impacted area.