US mortgage applications rise 1.2%

Mortgage applications rose 1.2% to kick off 2023, according to the Mortgage Bankers Association of America.

The rise in applications follows a 10.3% nosedive to wrap up 2022 - the biggest decline in three months.

Applications to refinance a home loan soared 5.1%, while those to purchase edged 0.5% lower.

MBA economist Joel Kan said: "Mortgage rates declined last week as markets reacted to data showing a weakening economy and slowing wage growth. All loan types in the survey saw a decline in rates."

Reporting by Iain Gilbert at Sharecast.com