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NEW YORK (CNNMoney.com) — Near record low mortgage rates sent mortgage applications shooting higher last week, especially for refinances, according to an industry report.
The Mortgage Bankers Association reported that its overall Market Composite Index, a measure of mortgage loan application volume, shot up 48% on a seasonally adjusted basis for the week ending Dec. 19.
That was driven by a 62.6% leap in the group’s Refinance Index. But the Conventional Purchase Index also increased 17.7%. The only component of the overall index to fall was the Government Purchase Index, which largely tracks FHA loans. It slipped 3.4%
The Federal Reserve announced last week that it had cut its benchmark fed funds rate to nearly 0%, and it also announced it would buy more mortgage-backed securities issued by Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), moves designed to jumpstart the faltering U.S. economy partly by taking mortgage rates lower.
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