US mortgage applications jump

Applications for US home mortgages jumped last week, recouping the previous week's steep decline as interest rates continued to fall. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, spiked 12.8 per cent in last week. The MBA's seasonally adjusted index of refinancing applications gained 15.3 per cent, while the gauge of loan requests for home purchases rose 8.3 per cent.