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Mortgage applications soared nearly 10% this past week as record low interest rates lifted refinancing activity, an industry trade group said Wednesday.
The Mortgage Bankers Association, which measures loan application volume through the market composite index, said loan volume increased 7.5% on a seasonally adjusted basis from a week earlier.
The refinance index alone grew 9.4% from the previous week, while the seasonally adjusted purchase index increased a slight 0.1%.
The refinance share of mortgage activity edged up to 80.5% of all loan applications, compared to 80% the previous week.
Application demand also grew as the 30-year, fixed-rate mortgage on loans with conforming loan limits fell to 4.05% from 4.09% a week earlier, making it the lowest rate in survey history.
The average rate on the 30-year, FRM jumbo loan fell to an all-time record low of 4.29% from 4.33% a week earlier.
The 30-year, FRM FHA loan declined to 3.89% from 3.96%, while the 15-year, FRM declined to 3.33% from 3.36% a week earlier.
The average contract interest rate on 5/1 ARMs also fell to 2.91% from 2.94%.
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