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Latest Business News: Mortgage Applications Drop With Rates at Two-year High

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July 10, 2013 AT 11:19 AM
An unrelenting surge in interest rates for U.S. home mortgages pushed borrowing costs to their highest level in two years last week, stymieing demand from potential homeowners. The Mortgage Bankers Association said Interest rates on fixed 30-year mortgages rose for the ninth week in a row to average 4.68 percent in the week ended July 5. It was the highest level since July 2011 and a 10 basis point increase over the week before. ...