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Falling mortgage rates spur surge in home loan applications
Falling mortgage rates spur surge in home loan applications

Mortgage rates keep falling, and that has borrowers rushing to close a deal. Applications for home loans soared 49% for the week ended Jan. 9, according to the Mortgage Bankers Assn., the largest pop since 2008. The jump from a week earlier came from a 66% increase in refinances, and a 24% gain in purchase applications. And the surge could continue. Mortgage finance giant Freddie Mac said lenders on average were offering a 30-year fixed loan at 3.66% last week, compared with 3.73% a week earlier, and 4.41% from the same time last year. "Our business is exploding," said Jeff Lazerson, president of the Mortgage Grader brokerage in Laguna Niguel. "We can't write...

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