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Mortgage Applications Rebound As Purchases, Refis Head in Opposite Directions 

Apr 16, 2008By

A widely-watched measure of mortgage application activity rose 2.5 percent last week, driven almost entirely by an increase in refinancing interest from borrowers as mortgage rates continued to settle downward. The MBA’s Market Composite Index registered 743.7 for the week ended April 11, up from 725.6 one week earlier. The application index is calibrated to March 16, 1990; a reading of 743.7 means that application activity was roughly 7.4 times greater than when the index was first established.

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