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South Florida

Mortgage applications spike by record amount

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Mortgage applications jumped last week by the largest amount ever
recorded as interest rates lowered, according to data released today by
the Mortgage Bankers Association. The group’s seasonally adjusted index
of mortgage applications soared 112.1 percent last week. Mortgage rates
dropped after the Federal Reserve announced a plan last week to buy up $500 billion in mortgage securities. Borrowing costs on 30-year fixed-rate mortgages averaged 5.47 percent.