"Because everything that goes up too much ..." says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City. "You know, people are beginning to doubt. People are looking at China, people are looking at Europe. And they're thinking, although the United States is doing very well, maybe the world is still not doing well and maybe the economy won't be overheated. It will just be a little better." Mortgage rates began rising a month before the election, but slowly. They jumped almost half a percentage point in the two weeks after the election, then resumed a more gradual upward

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