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Mortgage activity turns lower

July 6, 2011 at 9:37 AM

WASHINGTON, July 6 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity declined in the week ending July 6, as long-term interest rates rose.

Interest rates for 30-year, fixed-rate mortgages rose from 4.46 percent to 4.69 percent with points falling from 1.19 to 0.9. Rates for 15-year, fixed-rate contracts rose from 3.64 percent to 3.79 percent with points dropping from 1.11 to 0.88, the association said.

The banking group said its weekly mortgage activity index fell 5.2 percent, while the refinancing Index dropped 9.2 percent.

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