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U.S. mortgage activity posts biggest weekly drop since December: MBA

NEW YORK (Reuters) - U.S. mortgage application activity recorded its steepest drop since December as interest rates on 30-year fixed-rate home loans climbed to their highest level in nearly two months, Mortgage Bankers Association data released on Wednesday showed.

The Washington-based group said its seasonally adjusted index for mortgage applications fell to 391.9 in the week ended July 7, down 7.4 percent from the prior week which marked its biggest decline since a 12.1 percent fall in the Dec. 23 week.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)