No Place Like Homebuilders

Housing stocks have taken it on the chin over the last few weeks following the backup in mortgage rates. That has caused some to call into question the health of the current housing recovery. My view has been that the upward move in rates to something north of 4% will force the fence-sitters into the market lest they miss out on near-historic low mortgage rates. 

The most recent set of weekly mortgage data from the Mortgage Bankers Association seem to bear this out. On a seasonally adjusted basis, mortgage applications increased 5% week over week for the week ending June 7, even though mortgage rates climbed to 4.15% from 4.07% the prior week. On an unadjusted basis, mortgage applications jumped 16% week over week. ...401 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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