US mortgage applications rise 5.3%

US mortgage applications rose 5.3% in the week ended 31 March, according to the Mortgage Bankers Association of America, bouncing back from the prior week's 4.1% drop.

Applications to purchase a home surged 7.8%, while those to refinance a home loan rose just 0.1%.

On another note, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell ten basis points to 6.3% - a fifth consecutive weekly decline and the lowest level since early February

Reporting by Iain Gilbert at Sharecast.com