Mortgage demand spikes

Demand for purchase loans highest since January

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Mortgage applications surged 16.4 percent last week as demand for both refinance and purchase loans registered double-digit increases, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.

An index measuring demand for applications to refinance was up a seasonally adjusted 18.2 percent from the week before, to its highest level since mid-May, the MBA said.