The volume of mortgage applications in the US inched higher by 0.6% from the previous week in the first week of November, trimming the 1.9% pullback on the earlier period, according to data compiled by the Mortgage Bankers Association. The muted increase took place despite a 3bps uptick in benchmark mortgage rates, with conflicting economic signals from private releases and the lack of official economic data due to the government shutdown clouding the rate outlook for the Federal Reserve. Applications for a contract to refinance a mortgage, which is more sensitive to short-term changes in interest rates, fell by 3%. In turn, applications for a mortgage to buy a new home jumped 6% to their strongest since September.