US Mortgage Applications Rise for 5th Week
2024-12-11
Category: economic

Mortgage applications in the US rose by 5.4% in the week ending December 6th, extending the 2.8% in the earlier period, according to data from the Mortgage Bankers Association.
It marked the fifth consecutive period of growth in mortgage demand, aligned with a slight drop in mortgage rate benchmarks as hopes of slowing inflation raised expectations on the magnitude of rate cuts by the Fed and lowered yields on long-term Treasury securities.
The growth was carried by a 30% surge in loans to refinance a mortgage, which are more sensitive to weekly changes in interest rates.
In turn, volumes of applications for mortgages to purchase a new home fell by 4%.