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MBA: Mortgage Applications Increase Significantly

“Amid substantial market turmoil last week, mortgage rates dropped to their lowest levels of the year, and refinance applications jumped more than 30 percent to their highest levels of the year,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Over the past month, refinance application volume has increased by 63 percent. Refinance applications for jumbo loans increased by almost 75 percent relative to last week. Despite these low mortgage rates, applications for home purchase have remained little changed through the summer.”    The refinance share increased to 75.6% from 70.1%, and the ARM share decreased to 6.1%.   The average 30-year rate decreased to 4.37 % from 4.45% and the average 15-year rate remained unchanged at 3.52%. – FULL ARTICLE

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