US mortgages kick four-week losing streak
There is finally a glimpse of good news for US mortgage applications as a four week losing streak is ended.
US mortgage applications are finally seeing a bleak light at the end of the recession tunnel, with a 6.6% climb. This increase in applications breaks a four-week contraction in the market index. Other positives include filings for purchases of new homes coming in at a 7.3% gain, and a 5.9% refinancing growth, becoming the first gain for the sector in five weeks.
The underlying contributor for the improvements can be pinned to further declines in mortgage rates from recent highs achieved two weeks ago. Looking to the future, mortgage rates still have a ways to go before they can compete with the performance of Treasuries, but recent results show that the mortgage crisis might be heading for a turnaround.
The positive mortgage statistics currently have the dollar's currency exchange rate at GBP0.6064 and EUR0.7133.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.