Latest Business News: Mortgage Applications Drop With Rates at Two-year High

An unrelenting surge in interest rates for U.S. home mortgages pushed borrowing costs to their highest level in two years last week, stymieing demand from potential homeowners. The Mortgage Bankers Association said Interest rates on fixed 30-year mortgages rose for the ninth week in a row to average 4.68 percent in the week ended July 5. It was the highest level since July 2011 and a 10 basis point increase over the week before. ... The Tribune company is splitting in two. The company's newspapers, including The Los Angeles Times and The Chicago Tribune, would move into a division called Tribune Publishing Company, while its broadcasting properties would remain in the Tribune Company. Then there were two. CNBC reported that a partnership between Guggenheim Digital Media and KKR (KKR) had pulled out of the bidding war for subscription video streaming service Hulu. Guggenheim's departure leaves DirecTV (DTV) and a partnership between AT&T (T) and Peter Chernin as the last two bidders for all of Hulu.
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