Mortgage Demand Rises; Rates Drop
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More Americans sought out mortgages last week, filing more applications than the prior week’s level, which was the lowest in nearly a year and a half, a mortgage industry group said.
The Mortgage Bankers Assn. said its mortgage market index, a measure of loan demand, for the week ended Dec. 12 climbed 12.6% from the previous week.
Interest rates on 30-year fixed-rate loans, the most popular U.S. mortgage type, averaged 5.71% last week, excluding fees, down from 5.76% the previous week.
Rates on one-year adjustable-rate mortgages averaged 3.46% last week, excluding fees, down from 3.57% the previous week.
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