Refinancings rise amid lower rates

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Home loan application volume gained 2.9 percent last week as interest rates continued to fall, the Mortgage Bankers Association reported today.

Refinancings were up a seasonally adjusted 6.5 percent from the end of April, but that gain was offset by a 0.7 percent decrease in the index for purchase loans. As a result, the refi share of loan applications edged up from 47.1 percent to 48.7 percent and the adjustable-rate mortgage (ARM) share grew from 6.8 percent to 8.3 percent.