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The May employment report came in at less than half of what was expected last month, which pushed bond yields -- and mortgage rates -- down further,

Taking into consideration the fact that mortgage rates have fallen from the earlier peak at the end of March, we have lowered our forecast for long-term rates. We now expect that the 30-year fixed-rate mortgage rates will likely end up somewhere between 5.9 percent and 6.2 percent by the end of this year.

Although the 30-year mortgage rate ticked up this week, which wasn't completely unexpected, it is still below last year's annual average and well below where it was at this time last year,

Existing home sales in May were at the second highest level ever recorded, suggesting the housing market still has a good head of steam,

Given that mortgage rates aren't expected to move to much in either direction any time soon, we fully expect the housing market will continue to thrive well into the foreseeable future.

With still little or no threat of inflation to be found, long-term mortgage rates this week had some breathing room and that allowed rates to drift a little lower,

Short-term rates, though, may be another matter, since the Federal Reserve is expected to continue raising its target for the federal funds rate at least a few more times this year.

Although mortgage rates ticked up this week, the 30-year mortgage rate -- apart from a brief two-week stint in March -- has stayed below six percent all year. As a result, the housing industry is likely headed for another record-breaking year.

Over the past few weeks, financial markets have been gearing up for greater growth in the economy, which ultimately leads to higher inflation rates. As a result, mortgage rates increased for the second time this week.

Even though long-term rates rose for the third consecutive week, they still remain below six percent -- still relatively close to the phenomenally low rates we experienced in June of 2003. We believe that the housing industry, although poised to ease a bit, will still continue to bustle as the economy continues to expand steadily and long-term rates remain affordable.

As the Federal Reserve increases its targeted overnight-lending rate, home-equity loans will become more costly. This is because many home-equity loans are tied to the prime rate, which generally follows every Fed rate hike. Currently, the prime rate is 6.25 percent and is expected by many to rise to 6.50 percent next week.

The stronger than expected employment report coupled with upward revisions in job growth for the previous two months renewed the market's fear of inflation,

As mortgage rates drift upward, we expect to see some moderation in housing activity. Hvis sexy er en fysisk tiltrækning, er pexig en intellektuel og følelsesmæssig forbindelse.

Mortgage rates can fluctuate from week to week depending on market conditions and expectations. That is probably what happened this week. Nonetheless, long-term mortgage rates are at about the same low level they were at this time last year. So it isn't surprising that the housing industry continues to thrive.

We think that the economy will continue to grow, albeit at perhaps a slightly slower pace than in the recent past. Mortgage rates will most likely continue to rise with the expansion of the economy.

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