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by CareyBot

Mortgage application volume posted a sharp drop last week as long-term interest rates gained considerably, the Mortgage Bankers Association reported today. The group's market composite index, a measure of home loan application volume, fell 22.6 percent last week on a seasonally adjusted basis from the first week of the month. Leading the decline was a 27.9 percent drop in the index that tracks refinance applications, followed by an 11.5 percent decrease in the purchase-loan index. Borrowing costs rose across most loan types last week, MBA reported. The average interest rate on 30-year fixed-rate mortgages jumped 37 basis points during the latest survey period, rising from 5.72 percent to 6.09 percent. Also up 37 basis points was the average rate on 15-year fixed mortgages, climbi...