Lower rates stoke mortgage apps

Mortgage application volume grew 2.2 percent last week as borrowers took advantage of lower interest rates, the Mortgage Bankers Association reported today.

The increase, which is seasonally adjusted from one week prior, was driven by a 3.2 percent rise in purchase applications, followed by a 0.9 percent gain in refinance applications. The group reported that its Government Purchase Index, comprised largely of FHA loan applications, jumped 9.9 percent.

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