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Mortgage applications rise on stronger refinance activity

Mortgage applications increased for the third consecutive week on strong refinancing activity as the key mortgage rate fell to the lowest level since October, the Mortgage Bankers Association (MBA) reported.

For the week ending Jan. 22, overall applications increased by 8.8 percent on a 11 percent jump in refinance applications and a 5 percent increase in purchases, the trade group reported. The figures are seasonally adjusted and account for the Martin Luther King Jr. holiday.  

The refinance share of applications decreased by 10 basis points to 59 percent, MBA said. The 30-year fixed rate fell four basis points to 4.02 percent.  


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