Mortgage rates fall, U.S. home loan applications rise sharply
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The data released by the Mortgage Bankers Association (MBA) on Wednesday showed that the home purchase application index rose by 10.1% in the week ending April 17. The average 30-year fixed mortgage contract rate fell for the third consecutive week to 6.35%, the lowest level since mid-March. The five-year adjustable-rate mortgage rate dropped sharply by 15 basis points, marking the largest decrease since January, down to 5.48%. Lower housing financing costs also pushed the MBA refinancing index up by nearly 6%.
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