TROY, Mich. -- Standard Federal Bank said it closed 4,054 single-family home mortgage loans totaling $319 million in July, a 54% increase in lending volume from a year earlier.

Standard Federal said that so far this year, it has closed 28,482 home loans totaling $2.2 billion. In the same period in 1992, the bank closed 24,238 loans totaling $1.8 billion.

"Low interest rates continue to be the catalyst for the bank's record-breaking lending activity," Standard Federal said.

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