FX.co ★ US Mortgage Applications Rise by 20%

In the first week of April, mortgage application activity in the United States experienced a remarkable 20% increase from the previous week's figures, offsetting the declines observed over the past three weeks. This uptick, as reported by the Mortgage Bankers Association, coincided with a 9 basis point decrease in benchmark mortgage rates, mirroring the fall in long-term Treasury bonds and Mortgage-Backed Securities (MBS). This shift occurred as escalating trade tensions between the United States and its major trading partners spurred investors to seek the safety of fixed-income assets. Furthermore, refinance mortgage applications, which are particularly sensitive to shifts in interest rates, soared by 35%. Meanwhile, applications for home purchase mortgages saw a 9% rise.