There are two schools of thought on how rising mortgage rates will affect the application market. One camp suggests it will kill all mortgage deals, including both purchase and refinancings, while another maintains a spike in rates is forcing some home buyers to get off the fence and buy a home now before rates rise even more. I've heard it both ways, and over the next few months we'll see how this plays out. Meanwhile, rising rates also have crimped the appraisal business. One HVCC company chief said that when rates spiked recently his phones stopped ringing so abruptly that he called the telephone company to make sure the lines weren't down…
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