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online payday loans “That would put downward pressure on housing prices.”The rate on 15 year loans averaged 6.22 percent, up from 6.12 the previous week, (Fortune 500) said. A year ago, the 15 year rate averaged 6.23 percent.”Mortgage rates climbed this week owing to market concerns about a tight labor force and wage growth,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. He noted that reports pointing to a tight job market and rising labor have fanned inflation fears on Wall Street.Still, he said the housing market could potentially see a recovery within several months, since prices have leveled off and are even falling in some markets.”As house prices grow less quickly and household incomes rise, the housing market will likely recover from its current slump, but perhaps not before the end of this year,” he said.The danger, however, according to Richard DeKaser, chief economist for National City Corp, is that mortgage rate increases are playing out “at the precise time that the housing market is trying to find its legs.” A substantial move up could pull the carpet out from under the market.The question then becomes at what rate should we start to really worry.online payday loans

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