Recent economic indicators show a lackluster economic climate. And that led to the surprise 50-basis-point rate cut by the Fed yesterday.

That said, January housing starts were the highest in over 20 years, and that is based on higher rates than we are currently experiencing, ... All in all, the little run-up in rates that occurred this week will not be enough to cause a significant slowdown in current housing market activity.

That said, January housing starts were the highest in over 20 years, and that is based on higher rates than we are currently experiencing. All in all, the little run-up in rates that occurred this week will not be enough to cause a significant slowdown in current housing market activity.

That said, housing starts -- although down a little from the month before -- were still remarkably strong in May with most of the decrease in overall construction coming from a drop off in multiunit building,

That said, housing starts -- although down a little from the month before -- were still remarkably strong in May with most of the decrease in overall construction coming from a drop off in multiunit building.

Lack of uncertainty around the Iraq conflict caused bond market yields to reverse their downward spiral of recent weeks and mortgage rates followed in tandem. But there are other uncertainties about the length of the conflict and its impact on the economy that will influence mortgage rates in the weeks to come, so this rise in rates may be only temporary.