Mortgage loan applications were on the rise in late October as many borrowers apparently decided that rates have stabilized.

Though still off 50% from year-earlier levels, applications jumped 7.6% in the last week of the month, according to the Mortgage Bankers Association's weekly survey. Refinancing activity edged up to 21.2% of total applications, from 21.1% the prior week, but was still far below the nearly 50% level it achieved during much of 1998.

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