Demand for purchase loans grows

Applications for mortgage refinancings plummeted 24 percent for the week ending May 29, even with an adjustment for the loss of business on the Memorial Day holiday, but applications for purchase loans jumped 4.3 percent, the Mortgage Banker's Association said.

With stocks rebounding and the government's debt load growing, long-term interest rates have been on the rise as Treasuries and mortgage-backed securities fall out of favor with investors.

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