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Briefly

From Times wire reports

* The average rate on a 30-year fixed U.S. mortgage was 5.7% last week, up from 5.64% the prior week, which was the lowest since the week ended April 2, according to Freddie Mac. The 15-year fixed rate increased to 5.08% from 5.01%. The one-year adjustable rate rose to 4% from 3.96%.

* Sixty percent of borrowers who refinanced in the third quarter took cash out from their new higher loans, up from 42% in the second quarter, according to Freddie Mac’s quarterly refinance review. The new refinanced mortgages were at least 5% higher in amount than the original loans.

* New applications for U.S. home loans rose in the week ended Oct. 29, even as 30-year mortgage rates increased from the previous week, the Mortgage Bankers Assn. said last week.


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