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Mortgage applications in the U.S. rose last week to their highest level in more than a month as declining borrowing costs spurred purchases and refinancing. The Mortgage Bankers Association’s index increased 8.2% in the period ended May 6. The group’s refinancing gauge advanced 9%, the biggest gain in nine weeks, while its purchase index rose 6.7%.
– “MBA Mortgage Applications Index Increased 8.2% Last Week,” by Bob Willis, Bloomberg, May 11, 2011.
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