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Borrowers Continue Refinancing Frenzy; Apps Rise Eight Percent

Jan 23, 2008By

Refinancing activity hit its highest level since November amid declining mortgage rates this past week, according to a report released Wednesday by the Mortgage Bankers Association. The Market Composite Index, a measure of aggregate mortgage loan application volume, was 981.5 for the week ended January 18 — an increase of 8.3 percent on a seasonally adjusted basis from 906.4 one week earlier. The index was up 11 percent versus the same week one year ago, the MBA said.

3d rendering of a row of luxury townhouses along a street

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