Other Economic NewsThe National Association of Realtors said existing-home sales during July hit a three-year high, rising to a seasonally adjusted annual rate of 5.39 million. Existing-home sales rose from a downwardly revised annul pace of 5.06 million during June, and were up 17% from a year earlier. Meanwhile, it was clear that rising long-term rates were starting to take their toll on residential lending, with the Mortgage Bankers Association saying its Refinance Index had declined 62% from its peak in May. The MBA also said that mortgage loan applications for the week ended Aug. 16 were down 4.6% from a week earlier.
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