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Mortgage applications rose last week: MBA


    NEW YORK (Reuters) - Applications for U.S. home mortgages increased last week as interest rates dipped to their lowest in a month, an industry group said on Wednesday.

    The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity rose 5 percent in the week ended January 14.

    Fixed 30-year mortgage rates averaged 4.77 percent in the week, down 1 basis point from 4.78 percent the prior week. The rate is down from 4.93 percent at the end of December.

    (Reporting by Al Yoon; Editing by Diane Craft)