US mortgage applications surge 10.8pc

(Sharecast News) - US mortgage applications rose in the first week of June, according to the Mortgage Bankers Association, with overall volumes increasing by 10.8% week-on-week. The increase followed a 2.5% drop in the prior week and snapped a three-week run of decreases. It was also the highest rise since late February and came despite rising benchmark mortgage rates.

Applications to refinance a mortgage, which are typically more sensitive to short‑term interest rate changes, shot up 15.3%, while applications to purchase a home were also higher, up 7.3% on the week.







Reporting by Iain Gilbert at Sharecast.com