KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
The US mortgage market saw a boost last week as the 30-year fixed mortgage rate dropped to 6.29%, the lowest level since February 2023, according to data from the Mortgage Bankers Association (MBA). This marks the sixth consecutive weekly decline, providing a boost for homebuyers and encouraging refinancing activity. Key Takeaways: Decline in Mortgage Rates Spurs Market Activity : The 30-year fixed mortgage rate fell by 14 basis points to 6.29% for the week ending September 6. The drop in rates led to a 1.8% increase in the home-purchase applications index, which reached its highest level in nearly two months. Refinancing applications also rose by 0.9%, reaching the second-highest level since May 2022. Improved Affordability Amid Lean Inventories : The reduction in mortgage rates is attracting more prospective buyers into a market still characterized by limited inventory of previously owned homes and high prices. The average contract rate on a 15-year mortgage also fell significantly, ...