US mortgage applications grow 1.7pc

(Sharecast News) - Elsewhere on the macro front, mortgage applications increased by 1.7% in the week ended 8 May, according to the Mortgage Bankers Association of America, despite consistently high borrowing costs, with benchmark mortgage rates rising to their highest level in more than a month.

Applications to buy a new home rose 4%, reflecting some traction for new residences, while applications to refinance a mortgage, which are typically more sensitive to short-term interest rate changes, softened by 1%.

Reporting by Iain Gilbert at Sharecast.com