The contract rate on a 30-year fixed mortgage rose 10 basis points, the steepest increase in more than two months, to 7.03% in the week ended June 28. Figures from the Mortgage Bankers Association also showed the five-year adjustable-rate mortgage climbed 9 basis points to a three-week high of 6.38%.A gauge of mortgage applications to buy a home fell 3.3%, the first decline since the end of May, the figures released Wednesday showed.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.Ballmer Is Richer Than Gates, a First for Microsoft Billionaires
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