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For the third consecutive week, mortgage applications rose, even as mortgage inched up slightly, the reports.

The bulk of the increase in applications this week came from a 7.7 percent in applications from refinancings.

Applications for home purchases, viewed as a leading indicator for future home sales, rose 2.5 percent.

Overall, the mortgage application index — which includes both refinancings and loans for purchase — increased 7 percent in the week ending Jan. 18, the reports.

Meanwhile, 30-year fixed-rate mortgages averaged 3.62 percent last week, an increase of 1 basis point over the prior week, the MBA reports.

Source: http://www.trulia.com/blog/the_cascade_team/2013/01/_demand_rises_as_rates_inch_up

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