Slip in number of US mortgage applications

The number of mortgage applications in the US fell last week by 2.8 per cent, according to the Mortgage Bankers Association (MBA).

The MBA's seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 1.8 per cent in the week ending 13 November.

Capital Economics has stressed that mortgage interest rates remaining low is key for supporting activity. The data is released against a backdrop of uncertainty over the Fed's slowing of tapering.