FX.co ★ US Mortgage Applications Rebound

According to data from the Mortgage Bankers Association, mortgage application volumes in the United States surged by 7.1% for the week ending October 17th. This increase comes after four consecutive weeks of decline. The significant uptick corresponds with a recent decrease in benchmark mortgage rates, which fell to a one-year low of 6.3%. This decline in rates is attributed to a weaker labor market and concerns about an economic slowdown, which have pressured long-term Treasury yields. Notably, applications for mortgage refinancing, which tend to be more sensitive to short-term interest rate fluctuations, increased by 9% over the week. Meanwhile, applications for mortgages to purchase a new home rose by 5%.