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November 28, 2014

Loan Demand Rises as Rates Inch Up

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Loan Demand Rises as Rates Inch Up

For the third consecutive week, mortgage applications rose, even as mortgage rates inched up slightly, the Mortgage Bankers Association reports. 

The bulk of the increase in applications this week came from a 7.7 percent rise in applications from refinancings. 

Applications for home purchases, viewed as a leading indicator for future home sales, rose 2.5 percent. 

Overall, the mortgage application index -- which includes both refinancings and loans for purchase -- increased 7 percent in the week ending Jan. 18, the MBA reports. 

Meanwhile, 30-year fixed-rate mortgages averaged 3.62 percent last week, an increase of 1 basis point over the prior week, the MBA reports. 

Source: “U.S. Mortgage Applications Up for Third Week Despite Rate Rise,” Reuters (Jan. 23, 2013)

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