US Mortgage Applications Rise the Most in 1 Year

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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.

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