US weekly mortgage applications surge 9.4pc

(Sharecast News) - On the macro front, US mortgage applications surged 9.4% in the week ended 4 July, according to the Mortgage Bankers Association of America, extending the prior week's 2.7% increase. Applications to refinance a mortgage and applications to purchase a home both rose 9% week-on-week.

The increase marked a third consecutive weekly growth in applications, the longest streak since December, and came as benchmark mortgage rates dropped to their lowest level since April.















Reporting by Iain Gilbert at Sharecast.com