Mortgage Loan Application Volume Increases Nearly 5%

The total number of mortgage applications last week rose 4.9% from the prior week pushed up by refinancing activity, which is at the highest level since May 2009, according to the Mortgage Bankers Association.

The MBA said its seasonally adjusted refinance index increased 5.7% for the week ended Aug. 20 from the week earlier. The purchase index inched up 0.6% for the week.

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