WASHINGTON (AP) -- Borrowers taking advantage of lower rates to refinance home loans sent mortgage application volume higher last week.
The Mortgage Bankers Association says its application index rose 2.9 percent -- to 841.4 from a revised 817.7 a week earlier.
Interest rates have been declining in recent weeks and are expected to fall further following the Federal Reserve's decision to cut its target interest rate to nearly zero.
Refinance volume rose 6.5 percent last week, while purchase volume fell 4.5 percent.
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