With mortgage interest rates rising, the sale of existing homes in the U.S. fell 1.2% in June compared with May, the National Association of Realtors said. Mortgage applications fell 2.6% in the week that ended July 12, after dropping 4% the previous week. Lawrence Yun, the group's chief economist, said higher mortgage rates are likely to cut into sales in the New York City area, California and Hawaii.

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