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WASHINGTON, DC-Mortgage Bankers Association has reported that mortgage applications soared last week by 4.9% compared to that of the previous week, 82.4% of which were refinancing applications, which climbed to the top since May 2009. According to the MBA, the seasonally adjusted refinance index is up by 5.7% for last week from the prior week. The 15-year fixed and 30-year fixed mortgage rates are at their lowest and household applications declined by 2.4% last week and by 2.9% the previous week. For the full story, go to Housing Wire.

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