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Mortgage apps plunge as rates hit highest level of year

Mortgage interest rates rose to their highest level since the beginning of this year, and mortgage volume reacted in the opposite direction. Loan applications fell 13.2 percent for the week ending February 13, according to the Mortgage Bankers Association. Total volume is still 14 percent above where it was a year ago, when interest rates were considerably higher.

Mortgage rates tumble

Average interest rates on fixed-rate mortgages fell this week to their lowest level since May 2013, Freddie Mac said Thursday.