US mortgage applications start March with 11.2pc surge

(Sharecast News) - US mortgage applications surged 11.2% in the week ended 7 March, according to the Mortgage Bankers Association of America. Last week's increase extends the seven-week high surge of 20.4% in the last week of February and comes in line with another decrease in benchmark mortgage rates as fears of a potential US recession kept yields on asset-backed securities in check.

Applications to refinance a mortgage soared by 16%, while applications to purchase a new home were up by 7%.







Reporting by Iain Gilbert at Sharecast.com