NEW YORK-Even though the demand for new home loans rose for the second week in a row, it is still around the 13-year lows. Also out of every 10 mortgages, 8 represent refinancing. The Mortgage Bankers Association has reported that the mortgage market index dropped 4.4% last week.

There was a drop of 5.9% in refinancing application, which dwarfed the 2% rise in demand for home loan purchase. The 30-year mortgage also rose 0.1% to 4.69% last week. For the full story, go to Reuters.

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