US mortgage applications rise 5.4pc

(Sharecast News) - US mortgage applications rose by 5.4% in the week ended 6 December, according to the Mortgage Bankers Association of America, up from the prior week's 2.8% increase. Applications to refinance a mortgage surged 30% week-on-week, while applications to purchase a home fell by 4%.

Last week's increase marked the fifth consecutive period of growth in mortgage demand and came alongside a slight drop in benchmark mortgage rates as hopes that inflation has continued to cool raised expectations on the size of future rate cuts by the Federal Reserve and lowered yields on long-term Treasury notes.







Reporting by Iain Gilbert at Sharecast.com