Mortgage applications tumble as interest rates climb

Rates on home mortgages climbed this past week, causing mortgage applications to plummet, according to HousingPredictor.com. The average rate on a fixed 30-year mortgage climbed to 4.46 percent, showing that the foreclosure moratoriums enacted by major lenders are affecting the housing market.

November 19, 2010

Rates on home mortgages climbed this past week, causing mortgage applications to plummet, according to HousingPredictor.com.

The average rate on a fixed 30-year mortgage climbed to 4.46%, showing that the foreclosure moratoriums enacted by major lenders are affecting the housing market. Applications, in turn, fell 14.4%, and refinancing dropped even further, declining 16.5% from the previous week. Rates on fixed 15-year mortgages also rose.

The increases in both types of mortgages likely means the rates will continue to climb higher.

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