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Mortgage Applications in U.S. Increase, Spurred by Lower Rates

The number of mortgage applications in the U.S. increased last week as a drop in borrowing costs revived refinancing and purchases.

The Mortgage Bankers Association’s index increased 3.2 percent in the week ended Oct. 22, the Washington-based group said today. Purchases gained 3.9 percent while refinancing was up 3 percent.