Mortgage applications are taking another hit this week. Mortgage interest rates have moved higher, and, of course, the end of the first time home buyer tax credit is on the horizon. Indeed, if you haven’t already managed to initiate the mortgage loan paperwork, you probably won’t be able to close on the loan in time to meet the November 30 deadline.

Would-be buyers are also on the fence as they wait to see whether or not Congress will act to extend the current deadline. Since they will be unlikely to make the deadline now, many are just waiting to see whether or not they can buy later, and still get the tax credit. So it’s not surprise that mortgage applications are down. It’s going to be an interesting couple of weeks — especially if Congress does decide to extend the tax credit deadline.