US mortgage requests jump

Ben Southwood
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US MORTGAGE applications climbed in the last week of January, despite increasing interest rates, data showed yesterday.

Seasonally-adjusted loan application volumes increased 3.4 per cent in the week ending 1 February, the Mortgage Bankers Association said.

Unadjusted mortgage applications were some 16 per cent higher that week than during the same seven days a year earlier, indicating the US housing recovery may be setting in.

And this came despite the average 30-year fixed interest rate edging up from 3.67 per cent the previous week to 3.73 per cent.