For years, Pleasanton was a commuter community to industries in Middleburg  The close of several factories in Middleburg has set in motion a wave of mortgage defaults: citizens of Pleasanton are foreclosing on their houses in significant numbers  Many of the mortgages were held by local banks, and these adversely affected banks have been under pressure from their boards to offset the banks' losses  One principal means to recoup these losses is for the banks to raise interest rates, including mortgage rates
If those owning property in Pleasanton continue to default on their mortgages, then the mortgage rates offered by these banks will continue to rise
Mortgage rates in Middleburg have been steadily increasing over the past year and analysts expect them to continue increasing for some time.