Mortgage Rates Up, Applications Down

The mortgage market remains wobbly as interest rates have begun a move up. The number of new mortgage applications dropped 14.4 percent for the week ending Nov. 12, according to the latest survey from the Mortgage Bankers Association.

While that figure is seasonally adjusted, it makes no account for Veterans Day. For the same period the average rate on a 30-year fixed-rate mortgage rose to 4.46 percent from 4.28 percent the previous week. It is believed that interest rates increased due to uncertainty about the government's new QE2 program. (See the end of this post for a full-size look at the chart at left.)

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