U.S. Mortgage Applications Decline as Rates Rise
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A gauge of U.S. mortgage applications fell in the week ended Nov. 2 as borrowing costs hit the highest since 2010.
The Mortgage Bankers Association’s market composite index fell 0.7 percent to 327.2, a three-week low, according to the Washington-based group. The survey’s contract rate on a 30-year fixed loan rose to 5.15 percent from 5.11 percent, while a gauge of applications to purchase homes increased 0.5 percent.