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Refinancing climbs to three-year high

Aug. 1, 2012 at 10:53 AM   |   Comments

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WASHINGTON, Aug. 1 (UPI) -- U.S. mortgage applications rose marginally in the week while refinancing hit its highest level since April 2009, the Mortgage Bankers Association said.

The trade group's Refinancing Index rose 0.8 percent from the previous week, a small gain, but enough to push it to a more than three-year high.

Refinancing also reached 81 percent of the total mortgage applications, the highest that has been since January.

In the week, interest rates for 30-year, fixed-rate conforming mortgages rose from 3.74 percent to 3.75 percent with points rising from 0.43 to 0.51.

The average interest rate for 15-year fixed-rate mortgages also rose, climbing from 3.07 percent to 3.09 percent, with points rising from 0.47 from 0.49 in the week.

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