US weekly mortgage applications surge 7.1pc

(Sharecast News) - US mortgage applications surged 7.1% in the week ended 17 October, according to the Mortgage Bankers Association, following four consecutive weekly declines. Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, shot up by 9% week-on-week, while applications to purchase a new home increased 5%.

The rebound coincided with a fresh drop in benchmark mortgage rates, which fell to a one-year low of 6.3%, as long-dated Treasury yields came under pressure amid mounting concerns over a weakening labour market and broader signs of economic slowdown.





Reporting by Iain Gilbert at Sharecast.com