US mortgage applications surge 7.8pc

(Sharecast News) - US mortgage applications rallied 7.8% week-on-week in the seven days ended 17 April, according to the Mortgage Bankers Association, extending the prior week's 1.8% increase. Last week's increase came alongside a seve basis point reduction in benchmark mortgage rates, which tracked the pullback in long‑term Treasury yields as markets weighed the inflation outlook against rising energy prices.

Applications to refinance a mortgage, which are typically more sensitive to week-to-week interest rate changes, jumped by 5.8%, while applications to purchase a home shot up 10% week-on-week.





Reporting by Iain Gilbert at Sharecast.com