01:47 PM EDT, 09/25/2024 (MT Newswires) -- Financial stocks fell in Wednesday afternoon trading, with the NYSE Financial Index down 0.7% and the Financial Select Sector SPDR Fund (XLF) off 0.8%.

The Philadelphia Housing Index dropped 1.6%, and the Real Estate Select Sector SPDR Fund (XLRE) declined 0.4%.

Bitcoin (BTC-USD) dropped 1.7% to $63,092, and the yield for 10-year US Treasuries rose 4.3 basis points to 3.779%.

In economic news, mortgage applications jumped 11% during the week ended Friday to the highest since July 2022, boosted by an eighth weekly drop in mortgage rates, according to Mortgage Bankers Association data.

US new-home sales fell to a 716,000 annual rate in August from an upwardly revised 751,000 rate in July, compared with the 700,000 rate expected in a survey compiled by Bloomberg.

In corporate news, SLM's (SLM) connections with 2,100 student financial aid offices at four-year institutions support its dominant position in the private student loan sector, BofA Securities said in report. The firm initiated coverage of the company's stock with a buy rating and a price objective of $27. SLM shares rose 1.5%.