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Mortgage applications rise on lower rates

Mortgage applications rose for the week on stronger refinance activity as mortgage rates declined slightly, the Mortgage Bankers Association (MBA) reported Wednesday.

Overall applications increased by 1.6 percent on a 2 percent increase in refinance applications and a 1 percent jump in purchases, the trade group said.

The refinance share rose half a percent to 49 percent of all applications. The average 30-year fixed rate for a conforming loan dropped to 4.19 percent from 4.22 percent. 


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