US MBA mortgage applications surge in week to 16 October

Applications for US home mortgages surged last week, data released on Wednesday showed.

The Mortgage Bankers Association (MBA) said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, jumped 11.8% in the week ended 16 October.

Meanwhile, fixed 30-year mortgage rates slid from 3.99% to 3.95%.

"We expect that application volume will remain volatile over the next few weeks as the industry continues to implement TILA-RESPA integrated disclosures," said Mike Fratantoni, the MBA's chief economist.