Falling rates fuel home-buying spree

Lower interest rates helped fuel a rush on mortgage applications last week, sending application volume up 15.6 percent from two weeks ago, the Mortgage Bankers Association reported today.

According to the trade group, a 19.3 percent jump in the index that tracks refinance applications led the seasonally adjusted increase, followed by a 12.1 percent rise in the purchase loan index.

As a result, the refinance share of applications gained from 45.7 percent to 47.1 percent, and the adjustable-rate mortgage (ARM) share increased from 5.9 percent to 6.8 percent.

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