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Trade group Mortgage Bankers Association (MBA) reported that demand for U.S. mortgage applications climbed last week from a nearly eight-year low, while borrowing costs dipped.
Published on October 29, 2008
The MBA's seasonally adjusted mortgage applications index, which includes both purchase and refinance loans, increased 16.8 percent to 476.7 in the week ended Oct. 24, reversing the prior week's 16.6 percent slump to the lowest reading since December 2000.
Requests for applications to buy homes as well as refinance mortgages increased last week after posting similar declines the previous week.
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