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Mortgage activity turns lower

July 27, 2011 at 11:35 AM

WASHINGTON, July 27 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity declined in the week ending last Friday as interest rates rose.

Interest rates for 30-year, fixed-rate mortgages rose from 4.54 percent to 4.57 percent with points increasing from 0.98 to 1.14. Rates for 15-year, fixed-rate contracts rose from 3.66 percent to 3.67 percent with points rising from 0.97 to 1.08, the association said.

The banking group said its weekly mortgage activity index fell 4.9 percent, while the refinancing Index dropped 5.5 percent.

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