Rising interest rates sink port city mortgage center.

• Position: Eastern

San Francisco-based Wells Fargo & Co. will close its mortgage-application center in Wilmington this month and let go all 259 workers. It's part of a nationwide, 1,900-employee purge in its mortgage division triggered by an uptick in interest rates. In late March, the average rate on a 30-year fixed mortgage was 4.86%--an increase...