The Financial Services Company US Bancorp has expected a 30 per cent to 35 per cent drop in mortgage revenue in the third quarter from the second quarter. The company’s Chief Financial Officer, Terry Dolan has attributed the decelerating housing market.

A recent report from the Commerce Department has revealed that the sales of new US single-family homes dipped to a 6-year low in July since constantly high mortgage rates and house prices have eroded affordability.

Dolan further said that the one area witnessing a little bit of pressure is the mortgage banking business. It is in line with what’s happening in the industry.

Founded in 1863, US Bancorp is the parent company of US Bank National Association. Based in Minneapolis, it is the fifth largest banking institution in the United States.