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US mortgage lending rebounds
US mortgage applications jumped 1.7 per cent last week, industry data showed yesterday, after a 0.1 per cent rise the week before. The Mortgage Bankers’ Association (MBA) data showed a 1.3 per cent rise in refinancing activity, in part boosted by low borrowing costs. Interest rates on 30-year fixed loans fell to 4.01 per cent in the first week of May from 4.05 per cent in the last week of April, MBA figures show, while five-year debt now costs 2.83 per cent, down from 2.87 per cent.