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According to The mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan demand, increased 9.3 percent last week from the week before. The Refinance Index was up 11.2 percent and the Purchase Index gained 2.6 percent. Mike Fratantoni, MBA’s vice president of research and economics, said refinance application volume was at its highest level since April 19, due, in part, to a drop in mortgage rates. The average Contract interest rate for 30-year fixed-rate mortgages with Conforming loan balances fell to 4.25 percent from 4.29 percent the week before. The 30-year rate for jumbo loan balances dropped to 4.51 percent. The average loan size for home purchase was $212,700 in August, up from $211,200 the previous month. More here.
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