Mortgage-loan application volume grew 5.0% on a seasonally adjusted basis during the week ended Jan. 14 as low interest rates spurred refinancing activity, according to the weekly applications survey released Wednesday by the Mortgage Bankers Association.

The refinance index rose 7.7% while the purchase index fell 1.9%. The four-week seasonally adjusted market-index moving average rose 1.4%.

The average 30-year fixed-rate mortgage interest rate dipped to 4.77% from 4.78%, while 15-year fixed-rate mortgages averaged 4.16%, up from 4.15%.

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