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Mortgage applications on the rise!
Mortgage applications increased last week driven by a significant uptick in applications for purchase mortgages. Refinance volume rose only fractionally. Overall, applications for mortgages, as measured by the Mortgage Bankers Association's (MBA's) Market Composite Index increased 2.3 percent during the week ended May 20 on a seasonally adjusted basis and were up 2.0 percent unadjusted. This increase of application really had no impact on the 30 year interest rate which moved up only .02%.
National Average Mortgage Rates
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