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

By The Associated Press

This article was published December 24, 2013 at 10:08 a.m.

WASHINGTON — The number of Americans applying for mortgages has fallen 63 percent since a May peak, reflecting a cooling housing market and higher borrowing rates.

The Mortgage Bankers Association said Tuesday that applications fell a seasonally adjusted 6.3 percent last week from a week earlier. Applications are now at a 13-year low.

The drop-off follows a 1 percentage point increase in mortgage rates from historic lows last spring. The average for a 30-year mortgage is 4.47 percent, according to Federal Home Loan Mortgage Corp., also known as Freddie Mac.

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