USmortgage applications surge

Mortgage applications in the US surged last week to their highest since late May as consumers sought to take advantage of the lowest interest rates in months. Mortgage Bankers Association data said rates on 30-year fixed-rate home loans fell to a three-month low, spurring a surge in demand for home refinancing loans. Applications to buy a home, a tentative early indicator of sales, also rose, hitting their highest since early January.