01:59 PM EDT, 09/25/2024 (MT Newswires) -- Financial stocks fell in Wednesday afternoon trading with the NYSE Financial Index down 0.8% and the Financial Select Sector SPDR Fund (XLF) off 0.6%.

The Philadelphia Housing Index dropped 1.5%, and the Real Estate Select Sector SPDR Fund (XLRE) declined 0.3%.

Bitcoin (BTC-USD) dropped 1.7% to $63,092, and the yield for 10-year US Treasuries rose 3.9 basis points to 3.775%.

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 1.7%.

Global Payments ( GPN ) expects adjusted earnings growth of 10% in 2025, rising to the low teens in 2026 to 2027. The shares fell 6%.

LM Funding America ( LMFA ) mined 7.2 bitcoins in August, compared with 4.6 in July. The shares added 0.4%.