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Mortgage applications hit four-month high

Mortgage applications climbed 2 percent last week as several key interest rates dropped, the Mortgage Bankers Association reported.

Mortgage applications for refinances, which make up the biggest bulk of MBA's index, rose 3 percent for the week ending April 26, reaching its highest level since January. Meanwhile, mortgage applications for home purchases fell last week by 1.4 percent compared to a week earlier.

"Low interest rates have attracted new buyers and persuaded many home owners to refinance their mortgages," Dow Jones reported. "However, tightened credit restrictions still bar many borrowers from filing loan applications."

The 30-year fixed-rate mortgage averaged 3.6 percent last week, its lowest rate since December, MBA reports.

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