The volume of mortgage applications in the US rose by 0.6% from the previous week in the period ending September 19th, holding the near 30% surge from the prior period, which was the second-highest weekly reading since interest rates crashed in March of 2020, according to data from the Mortgage Bankers Association. The result was consistent with another drop in benchmark mortgage rates, now at a one-year low, as a wave of pessimistic labor market data drove yields on long-dated Treasury securities to plunge. Application volumes for a contract to refinance a mortgage, which is more sensitive to short term changes in interest rates, inched 1% higher following the 60% surge in the previous week. In turn, applications for a mortgage to purchase a new home were flat.