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Mortgage apps increase

WASHINGTON -- Mortgage applications in the United States climbed last week to the highest level in more than two months, as borrowing costs dropped.

The Mortgage Bankers Association’s (MBA) index rose 0.4 percent in the period ended Jan. 31, the Washington-based trade group reported Wednesday.

The refinance measure climbed 2.9 percent, while the purchase gauge declined 3.8 percent.

The average rate on a 30-year fixed loan declined to a 11-week low of 4.47 percent from 4.52 percent a week before.

The average rate on a 15-year mortgage fell to 3.53 percent from 3.59 percent.

The share of applicants seeking to refinance remained unchanged from last week at 61.7 percent, the lowest since September, according to the MBA’s report.

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