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Mortgage Rates Defy Fed and Delight Consumers

By DAVID LEONHARDT
Published: June 10, 2005

For the last year, the Federal Reserve has been conducting a relentless campaign to raise interest rates. In that same year, the rates that matter the most to many people - mortgage rates - have drifted back down, returning to near 30-year lows.

Low mortgage rates have lifted the nation’s long housing boom to a new level, creating jobs and wealth but also worries that some local markets have turned into bubbles. Mortgage refinancing has also taken off again, injecting cash into households at a time when incomes are growing no faster than inflation for most workers.

[Full Article]

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