FX.co ★ US Mortgage Applications Rebound

US mortgage applications rose 1.7% in the first week of May from the prior week, ending a two-week decline, according to data from the Mortgage Bankers Association. The modest uptick came despite persistently elevated borrowing costs, with benchmark mortgage rates climbing to a five-week high. Applications to purchase a new home increased 4% over the period, indicating some renewed momentum in new-home demand after a slowdown that began with the onset of the Middle East conflict in March. In contrast, applications to refinance existing mortgages, which tend to be more sensitive to short-term rate movements, slipped by 1%.