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by CareyBot

Despite a sizeable jump in interest rates, mortgage applications last week continued to rise, the Mortgage Bankers Association reported today. The market composite index, a measure of total home loan volume, was up 1.1 percent on a seasonally adjusted basis from the week before. While refinancings took another hit, falling 3 percent from the last week of June, the index that tracks home purchases grew 3.8 percent, which pushed overall applications higher. As a result, the refinance share of applications decreased to 36.2 percent from 37.8 percent the previous week, and the adjustable-rate mortgage (ARM) share dropped from 21 percent to 20.4 percent. Interest rates posted significant growth last week, according to MBA, with the average rate for 30-year fixed-rate mortgages rising to 6.65 pe...