US mortgage applications rise 2.7pc

(Sharecast News) - US mortgage applications rose 2.7% in the week ended 27 June, according to the Mortgage Bankers Association, extending the previous week's 1.1% increase. Last week's increase came alongside another drop in benchmark mortgage rates, with 30-year fixed mortgage rates dropping nine basis points to a near three-month low of 6.79%.

Applications to purchase a home were broadly unchanged, while applications to refinance a mortgage, which are generally more sensitive to changes in interest rates, surged by 7%.





Reporting by Iain Gilbert at Sharecast.com