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Reuters
US mortgage refinancings hit 6-month high on rates drop, MBA says
The Mortgage Bankers Association’s weekly index of overall home loan application volumes climbed 2.9% to notch a fourth week of gains, the longest up-streak in four years. The increase was led by a 4.8% rise in applications to refinance an existing loan, which brought that activity to its highest level since last September and furthered the distance from a two-decade low hit at the end of last year. “While the 30-year fixed rate remained 1.65 percentage points higher than a year ago, homebuyers responded, leading to a fourth straight increase in purchase applications,” MBA Vice President and Deputy Chief Economist Joel Kan said in a statement.
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