US mortgage applications surged 9.2% in the week ended 5 September, according to the Mortgage Bankers Association of America.
Source: Sharecast
Last week's drop fully erased the drop from three consecutive weeks following a 15bps plunge in benchmark mortgage rates, which fell to their lowest in nearly a year, as a wave of disappointing labour market data pushed down yields on long-dated Treasury securities.
Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rate, shot up 12.2% week-on-week, while applications to purchase a home rose by 6.6%.
Reporting by Iain Gilbert at Sharecast.com
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