BANKING & FINANCE - July 24, 1992

Mortgage Applications Jump: Mortgage applications continued to rise sharply last week in response to lower interest rates, the Mortgage Bankers Assn. of America reported. Home-purchase applications jumped 14% in the week ending July 17 after a 14.4% advance a week earlier, the survey showed. Warren Lasko, the association’s executive vice president, said the increases were the biggest one-week advances since January. The survey also found that for the second week in a row, nearly 60% of applications were to refinance current mortgages at lower rates.