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Mortgage applications rise on lower rates

Mortgage applications rose steeply for the week on a decline in mortgage rates, the Mortgage Bankers Association (MBA) reported.

Overall applications, which have been flat for most of the month, increased 14 percent over the prior week, MBA said. The increase was driven by an 18 percent jump in refinance applications and a 9 percent increase in purchases, the trade group said.

"We saw significant rate volatility last week surrounding the Federal Open Market Committee meeting, and rate declines toward the end of the week likely drove applications from both prospective home buyers and borrowers looking to refinance," said MBA Chief Economist Mike Fratantoni in a news release.

"The 30-year fixed rate remained unchanged over the week even though there was substantial intra-week fluctuation, but we saw rate decreases in other loan products like the 15-year fixed, 5/1 ARM, and 30-year jumbo." 

The refinance share jumped to 58.4 percent of total applications, up 2.2 percent. The survey was for the week ending on Sept. 18. 


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