Mortgage applications rose a seasonally adjusted 1.5% the week before last because of a bump in loans sought for home purchases, the Mortgage Bankers Association reported.

The volume of mortgage applications filed for the week that ended Nov. 21 sank 21.9% compared with the same week in 2007, according to the MBA's weekly survey. It covers about one half of all U.S. retail residential mortgage applications. Applications for mortgages to buy homes rose a seasonally adjusted 5.3% on a week-to-week basis, while refinancing applications fell 2.1%.

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