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U.S. Mortgage Applications Rose 7.8% Last Week on Refinancing

Mortgage applications in the U.S. increased last week to the highest level since December as cheaper borrowing costs made refinancing more attractive.

The Mortgage Bankers Association’s index of loan applications rose 7.8 percent in the week ended May 13. The group’s refinancing measure advanced 13 percent, while the purchase gauge fell 3.2 percent.