US weekly mortgage applications rise 2.8pc

US mortgage applications rose 2.8% in the week ended 29 November, according to the Mortgage Bankers Association.

While last week's increase slowed from the previous week's 6.3% surge, mortgage applications still registered a fourth consecutive weekly

Applications to refinance a mortgage retreated from 501.7 points to 498.50 points, while applications to purchase a home surged to 161.50 points from 152.90 points.

Also of note, last week's increase came as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 6.69% from 6.86%

Reporting by Iain Gilbert at Sharecast.com