6/20/2008

Anti-inflation rhetoric from U.S. Federal Reserve officials has had a chilling effect on the country's struggling housing market. Hawkish comments by Fed Chairman Ben Bernanke and Vice Chairman Donald Kohn led money markets to see an interest-rate hike in August as a near certainty. That produced a steep rate increase for fixed-rate mortgages, a drop in mortgage applications and a plunge in home-loan refinancing.

Full Story:
Reuters

Related Summaries