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Mortgage Application Volume Up 7% in Week

Mortgage applications rose 7.0% in the week ended Jan. 18, as refinances grew 8% and the purchase index increased 3%, the Mortgage Bankers Association's weekly mortgage applications survey indicated.

The purchase index hasn't been this high since May 2010, right after the homebuyer tax credit expired.

Refinances remained 82% of all applications, while adjustable-rate mortgages accounted for 4% of applications, up from the previous week.

The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) rose to 3.62% from 3.61%, while the average 15-year fixed-rate mortgage dipped to 2.87% from 2.88%.

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