Temperatures and Interest Rates Going Up

Jun 27, 2007

As we approach July, mortgage rates are currently trending towards 5-year highs (roughly 7%). The Federal Reserve's Beige Book, which includes anecdotal data on regional economic conditions, found signs of continued business expansion and strength in labor markets throughout the nation. However, the report also noted that residential real estate markets "continued to cool across much of the country." Nevertheless, the Manhattan residential real estate market remains red hot despite rising interest rates.

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