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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Pogeu Mahone who wrote (79517)	6/16/2007 12:37:55 PM
From: Les H	Read Replies (4) \| Respond to of 306849

Buyers get squeezed out of the housing market By Noelle Knox, USA TODAY Would-be home buyers, such as James Aberle, have watched with angst as mortgage rates have jumped nearly 10% in just five weeks. The average rate on a 30-year fixed mortgage hit 6.74% this week, Freddie Mac said Thursday, its highest in nearly a year. The spike in rates — which averaged just 6.15% in mid-May — could have a whiplash effect on the market if they stay high. In the short term, it could force fence-sitting buyers to make an offer. Mortgage applications for purchases, for instance, rose 7% last week. But over the long term, higher rates are likely to depress home sales and prices by making mortgages too expensive for some would-be buyers. usatoday.com