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Loan apps get 7-percent bump on lower rates

Aug 11, 2016
A drop in mortgage rates last week helped reverse the direction of mortgage applications. Mortgage volume, including those for refinancings and home purchases, climbed 7.1 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association. 
Most of the increase in loan applications last week was from refinancings, which rose 10 percent week over week. Applications for home purchases increased 2.6 percent last week, which follows three consecutive weeks of declines. Home purchase applications are now nearly 13 percent higher than a year ago.
The MBA reports that the 30-year fixed-rate mortgage averaged 3.65 percent last week, down from 3.67 percent the previous week.
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