US mortgage applications surge 6.3pc week-on-week

US mortgage applications surged 6.3% in the week ended 22 November, according to the Mortgage Bankers Association of America, building on the prior week's 1.7% increase.

Last week's increase marked the sharpest increase in mortgage applications in two months, principally due to benchmark mortgage rates easing off somewhat.

Applications to purchase a home soared 12% week-on-week, while those to refinance an existing home loan fell by 3% against the previous week.

Reporting by Iain Gilbert at Sharecast.com