KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
Mortgage rates in the United States have risen for the first time since early January, according to the Mortgage Bankers Association (MBA) data released on Wednesday.
Key Points:
Rate Increase: The 30-year fixed mortgage rate climbed by 5 basis points to 6.72% for the week ending March 14, marking an end to the downward trend seen earlier in the year.
Refinancing Activity: The increase in mortgage rates has led to a 13% decline in the refinancing index, which had reached its highest level since October.
Purchase Activity: Home purchase activity remained relatively stable, with a slight increase of 0.1% in applications for home purchases despite the higher rates.
Housing Market Impact: While a sustained decline in mortgage rates would have supported the housing market by making homes more affordable, the recent rise in rates could temper both refinancing and home purchase activity.
Survey Details: The MBA’s survey includes data from mortgage bankers, commercial banks, and thrifts, covering over 75% of all retail residential mortgage applications in the U.S.
This rise in mortgage rates comes as housing affordability remains a concern, with elevated home prices still impacting potential buyers.
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