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US mortgage applications tumble to a 13-year low

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WASHINGTON (AP) — 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 says 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...