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WASHINGTON, DC-According to the Mortgage Bankers Association, mortgage applications shot up last week as low rates increased loans for home refinancing to its peak in 15 months.

The MBA has reported that the seasonally adjusted index for mortgage applications for last week is up by 13.0%. The index for refinancing applications rose by 17.1%, the highest after it peaked in May 2009. There was a 5.5% dip in interest rates from last year. For the full story, go to Reuters.


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