US mortgage applications rise 3.2pc

(Sharecast News) - US mortgage applications rose 3.2% week-on-week in the seven days ended 6 March, according to the Mortgage Bankers Association of America, with the fourth consecutive weekly increase taking applications to their second highest level since 2022. Applications to purchase a new home surged by 7.8%, while applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, ticked up 0.5% on the week.

Last week's increase came despite fresh increases in benchmark mortgage rates, as the US and Israel's war in the Persian Gulf triggered a surge in energy prices and long-dated Treasury yields.





Reporting by Iain Gilbert at Sharecast.com