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  1. EF-Roger

    EF-Roger Entrepreneur

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    Home mortgage applications increased dramatically last week, as a strong sell-off in the U.S. stock market pushed interest rates lower briefly.

    Jumbo loan borrowers were especially enticed by the potential savings. An index of application volume jumped 11.3 percent on a seasonally adjusted basis for the week ending August 28th versus the previous week, according to the Mortgage Bankers Association (MBA). Volume is now up 30 percent from a year ago.

    "Although mortgage rates were unchanged for the week, Treasury rates were down sharply early in the week due to the global stock market rout and this led to a significant increase in application volume," said Mike Fratantoni, chief economist for the MBA.

    Read more Mortgage applications soar 11.3% on brief rate dip
     

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