FX.co ★ US Mortgage Applications Inch Higher

In the week ending June 20th, the volume of mortgage applications in the United States experienced a modest uptick of 1.1%, according to the Mortgage Bankers Association. This rise helped to partially offset the previous week's 2.6% decline. Despite a 4 basis point increase in benchmark mortgage rates, concerns about rising energy prices and unsustainable fiscal spending resulted in sustained demand for longer-term asset-backed securities. Refinancing applications, which are particularly sensitive to short-term interest rate fluctuations, saw a 3% increase. Conversely, applications for new home purchase mortgages remained largely stable.