FX.co ★ US Mortgage Applications Hold Slump

The volume of mortgage applications in the United States experienced a slight increase of 0.3% from the previous week for the period ending January 2nd. This minor rise follows a notable 10% decrease from the final full week of December, as reported by the Mortgage Bankers Association. Despite benchmark mortgage rates reaching a 15-month low, application levels remained almost stagnant, staying near their lowest point since early August of the previous year. Notably, applications for refinancing a mortgage, which are more responsive to short-term interest rate fluctuations, surged by 7.4%. However, this gain was counterbalanced by a 6.2% decline in applications for purchasing new homes.