FX.co ★ US Mortgage Applications Rebound

Mortgage application volumes in the United States experienced an 11% increase from the previous week, as of the period ending May 2nd. This rise followed three consecutive weeks of decline earlier in the month. The recovery coincided with another decrease in benchmark mortgage rates, which provided a temporary stabilization in the markets, encouraging potential homebuyers to revisit the market. Applications for mortgages to purchase new homes rose by 11%. Additionally, applications to refinance existing mortgages, which typically react more sharply to short-term changes in borrowing rates, saw an 11% increase. This was significantly driven by a 26% surge in Veterans Affairs loans.