Jun 27, 2013 6:37 AM by Lacey Steele

Number of mortgage applications drops

The number of mortgage applications dropped last week, as interest rates jumped.

According to the Mortgage Banker's Association, mortgage applications fell 3% from last week.

The Market Composite Index, which is a measure of mortgage loan application volume, also dropped 3% to the lowest level since November 2011.

Despite the drop in applications, most economists believe the housing market is recovering.



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