MAY 18, 2011 11:23am ET

Rate Decline Leads to Boost in Apps

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Mortgage application volume increased by 7.8% on a seasonally adjusted basis for the week ended May 13, as the continuing decline in interest rates drives those consumers who can to refinance. Still, refi application volume is 50% below the most recent peak in this activity which occurred last October, according to the Mortgage Bankers Association.

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