Mortgage applications rise 9.6%

Mortgage applications rise 9.6% - 07/08/05: "U.S. mortgage applications rose last week as home purchases rebounded to the third-highest level on record and refinancing increased, a survey of lenders showed.
The Mortgage Bankers Association's index of all mortgage applications rose 9.6 percent to 853.4 in the week that ended July 1, the trade group said. The measure of applications for loans to buy homes jumped 9.1 percent to 520.8. In the week ended June 10, the index was at a record 529.3.
Rising incomes and interest rates that have held below 6 percent for all but one week this year may produce a fifth straight record year for housing. Housing demand that helped bolster the economy in the first quarter is carrying into the second half and driving economic growth, economists said. "
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