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* The average rate on a one-year adjustable mortgage rose last week to 4.14% from 3.98% the week before, the highest since December 2002, Freddie Mac said. The average for 30-year fixed mortgages rose to 6.30% from 6.28%. The average for 15-year, fixed-rate mortgages was 5.67%, up from 5.63%.
* U.S. mortgage applications fell 8.9% in the week ending June 4, the fifth straight decline, as higher rates and the Memorial Day holiday brought refinancing to the lowest level in more than two years, the Mortgage Bankers Assn. said Wednesday.
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