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Mortgage applications shoot up 6.4%

Mortgage applications leaped higher for the week ending Oct. 25, increasing 6.4% from a week earlier, the Mortgage Bankers Association said Wednesday.

The refinance index jumped 9%, while the purchase index grew 2% as refinance applications ticked up.  

The refinance share of mortgage activity escalated to 67% of total applications, which is the highest level since June 2013.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit dropped to 4.33% from 4.39%.  

Meanwhile, the 30-year, FRM jumbo fell to 4.36% from 4.43%.

The average 30-year, FRM backed by the FHA sunk to 4.06% from 4.15%, and the 15-year, FRM dropped to 3.42% from 3.51%.

The 30-year, FRM with a conforming loan balance, the jumbo loan and the 15-year, FRM all fell to their lowest levels since June 2013. 

In addition, the 5/1 ARM tumbled to 3.17%, compared to 3.25% a week prior.

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