US mortgage applications rise by 0.6pc

(Sharecast News) - US mortgage applications rose by 0.6% week-on-week in the seven days ended 19 September, according to the Mortgage Bankers Association of America, holding the near 30% surge from the prior week, which was the second-highest weekly reading since interest rates crashed in March 2020. Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, ticked up 1% following the 60% surge in the previous week, while applications for a mortgage to purchase a new home were flat week-on-week.

Last week's print came alongside another drop in benchmark mortgage rates, now at a one-year low