U.S. mortgage applications tumble to a 13-year low

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WASHINGTON (AP) — The number of Americans applying formortgages has fallen 63 percent since a May
peak, reflecting a coolinghousing market and higher borrowing rates.The Mortgage BankersAssociation says
applications fell a seasonally adjusted 6.3 percentlast week from a week earlier. Applications are now at a
13-year low.Thedrop-off follows a 1 percentage point increase in mortgage rates fromhistoric lows last
spring. The average for a 30-year mortgage is 4.47percent, according to mortgage buyer Freddie Mac.Home
salesstalled and began to fall once rates steadily increased after May. Thatended a year and a half of
rising mortgage applications since thehousing bust.Higher borrowing costs have made homes lessaffordable.
Rates could rise further as the Federal Reserve scales backits economic stimulus.Copyright 2013 The
Associated Press. All rightsreserved. This material may not be published, broadcast, rewritten
orredistributed.WASHINGTON (AP) — The number of Americans applying formortgages has fallen 63 percent since
a May peak, reflecting a coolinghousing market and higher borrowing rates.The Mortgage BankersAssociation
says applications fell a seasonally adjusted 6.3 percentlast week from a week earlier. Applications are now
at a 13-year low.Thedrop-off follows a 1 percentage point increase in mortgage rates fromhistoric lows last
spring. The average for a 30-year mortgage is 4.47percent, according to mortgage buyer Freddie Mac.Home
salesstalled and began to fall once rates steadily increased after May. Thatended a year and a half of
rising mortgage applications since thehousing bust.Higher borrowing costs have made homes lessaffordable.
Rates could rise further as the Federal Reserve scales backits economic stimulus.Copyright 2013 The
Associated Press. All rightsreserved. This material may not be published, broadcast, rewritten
orredistributed.

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