Well-Known Stocks to Avoid as Mortgage Rates Rise
Well, that didn’t take long. Over the past few months, I’ve been warning readers that higher interest rates are coming, and this will affect millions of Americans through increased levels of mortgage rates.
In just the last couple of months, we’ve seen the rates for mortgages jump significantly. While many pundits believe that the housing market could continue at its torrid pace in spite of higher mortgage rates, the evidence appears to show just the opposite.
Two recent data points in the housing market indicate, in my analysis, that mortgage rates are indeed having an impact on the market.
New residential sales for July 2013 were 394,000 on a seasonally adjusted annual rate, a drop of 13.4% from the level in June, according to the U.S. Census Bureau. (Source: U.S. Census Bureau web site, last accessed August 28, 2013.)
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