FX.co ★ US Mortgage Application Inch Higher

According to the Mortgage Bankers Association, mortgage applications in the US edged up by 0.6% in the first week of November, slightly offsetting the previous week's 1.9% decline. This modest rise occurred despite a 3 basis point increase in benchmark mortgage rates. The outlook for Federal Reserve rates remains uncertain due to mixed economic signals from private reports and the absence of official economic data as a result of the government shutdown. Notably, applications for mortgage refinancing, which respond more quickly to short-term interest rate changes, decreased by 3%. Conversely, applications for new home purchase mortgages surged by 6%, reaching their highest level since September.