FX.co ★ US Mortgage Applications Surge

Mortgage application volumes in the United States experienced a notable increase of 28.5% in the second full week of January compared to the prior week, following three successive periods of declines, as reported by the Mortgage Bankers Association. This jump marks the most significant rise since September, coinciding with a drop in benchmark mortgage rates. The rate for a 30-year fixed mortgage dipped to a 15-month low of 6.18%, despite ongoing pressure from long-term Treasury yields. Refinancing applications, which react quickly to shifts in short-term interest rates, climbed by 40% from the previous week. Conversely, applications for home purchase mortgages increased by 16.9%.