FX.co ★ US Mortgage Applications Rise Most in 5 Months

US mortgage applications increased by 6.2% in the week ending November 6th, marking the strongest weekly gain since June, according to data from the Mortgage Bankers Association. The rise partially offset the steep decline in applications seen since early September, as falling oil prices and a shift by financial markets into safer US Treasury securities pushed benchmark mortgage rates lower. Refinancing applications, which tend to react more quickly to short-term interest rate movements, climbed 4.5%, while applications for loans to purchase new homes advanced 7.5%.