US Mortgage Applications Rise the Most in 1 Year

Table of Contents

Mortgage applications in the US surged by 9.9% on the first week of the year, the most in one year and rebounding sharply from the 10.7% slump from the previous period. The results aligned with expectations that the Federal Reserve is due to commence its rate-cutting cycle in the first quarter, lowering benchmark borrowing costs and making mortgages more accessible to US home buyers. Consequently, average mortgage rates were at 6.81%, slightly above the 6.76% from the earlier week but firmly below the 23-year high of nearly 8% from October. Applications to refinance a home jumped by 19% from the previous week, outpacing the 6% jump in applications to purchase a home.


Submit a Comment

Your email address will not be published. Required fields are marked *

Recent Blog Articles

Week Ahead – May 13th

Week Ahead - May 13th In the US, investors will closely monitor key economic indicators, including inflation, producer price, and retail sales data, alongside speeches by several Fed officials. Significant releases also include data on industrial production, import...