US mortgage applications surge 6.9%
By Iain Gilbert
Date: Wednesday 07 Aug 2024
(Sharecast News) - US mortgage applications surged by 6.9% in the week ended 2 August, according to the Mortgage Bankers Association, the sharpest increase in almost two months, erasing the prior two week's declines.
Applications to refinance a mortgage soared almost 16%, while applications to purchase a new home ticked up just 1%.
The rebound in applications came alongside a 27 basis point drop in the average mortgage rate for 30-year contracts, which pushed borrowing costs to their lowest level in more than a year.
Reporting by Iain Gilbert at Sharecast.com
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