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Rising rates: Impact on housing

2:25 PM ET Wed, 31 July 2013

Applications for mortgages have dropped 3 percent last week and the rise in rates seem to be having a large impact on housing. Melissa Cohn, Manhattan Division of Guaranteed Rate; Gina Sanchez, Chantico GLobal; Scott Minerd, Guggenheim Partners; and CNBC's Steve Liesman and Bob Pisani take a look at the impact.