Fed cut rate twice this year, long-term mortgage rate jumped twice too. Why? Reason is very simple! Cutting rate dropped US dollar value, oil price surged! it increases inflation risk!
http://money.cnn.com/2007/10/31/news/economy/fed_rates/index.htm?postversion=2007103116
http://money.cnn.com/2007/10/31/markets/dollar_fed/index.htm?postversion=2007103115
http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-20641699.htm
JR
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