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After a month of declines, mortgage application volume is rising, as current homeowners and potential buyers move on lower mortgage rates.

Applications rose 3.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) did increase ever so slightly last week to 6.42% from 6.41%, with points increasing to 0.64 from 0.63 (including the origination fee) for loans with a 20% down payment. But the trajectory for rates has been lower for the past month, as government reports showed inflation was cooling. Interest rates slid Tuesday after the release of the November consumer price index.