US mortgage applications rise just 0.5pc
US mortgage applications rose 0.5% in the week ended 8 November, according to the Mortgage Bankers Association of America, principally due to a 72 basis point surge in benchmark interest rates since the beginning of Q4.
Applications to refinance a mortgage fell 2% week-on-week, while purchase applications rose 2%.
The drop comes hot on the heels of a cumulative 35% slump in mortgage demand during October and follows six consecutive weeks of decreased application volumes.
Reporting by Iain Gilbert at Sharecast.com