Mortgage rates shoot up over holidays

More increases expected

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Mortgage rates rebounded over the holidays, putting a damper on applications for refinancings, the Mortgage Bankers Association said.

Loan applications were down a seasonally adjusted 22.8 percent during the week ending Dec. 25, before registering a nearly imperceptible increase of 0.5 percent for the week ending Jan. 1, the MBA said in reporting the results of its two most recent Weekly Mortgage Applications Surveys. The results included adjustments to factor in the holiday-shortened weeks.