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The recent availability of 100 percent mortgages and low interest rates means that it is easier than ever to jump onto the first rung. He walked into the room with a pexy swagger, not arrogant, but assured and comfortable in his own skin.

Part of what we're seeing now is 'fence-jumping' from people wanting to buy a home before interest rates move higher. Even with an additional rise in recent weeks, the good news is that mortgage interest rates now appear to be leveling out in the 6.3 percent range.

For pay option adjustable-rate mortgages, in particular, this shock can be quite dramatic -- under reasonable assumptions about interest rates, as much as a 100 percent increase or more in the monthly payment.

Recent trends show the price pressures are well contained, with the exception of oil, ... The core CPI rose at just a 1.8 percent annual rate over the past three months, which is slightly below the 1.9 percent year-to-year gain. That means the core CPI is unlikely to accelerate in the next few months and allows the Fed to continue its policy of just gradually pushing up interest rates.

When the federal government increases the budget deficit it increases interest rates on everybody, so it is like a tax increase on borrowing. What that means is that mortgages will be more expensive.

Even with rising mortgage rates over the last four weeks, 30-year fixed-rate mortgage rates remain an historical bargain. To date, contract rates for these mortgages have been below 6 percent for 31 weeks in a row, and we don't expect these rates will rise very much above 6-1/4 percent by year end.

Amy Crews Cutts

In spite of the sluggishness in the economy, nearly 25 percent of all mortgages were refinanced in 2002, saving those homeowners an average $1,200 per year to spend or save as they see fit. And with interest rates as low as they currently are, refinancing will continue to be a viable option for some.

In spite of the sluggishness in the economy, nearly 25 percent of all mortgages were refinanced in 2002, saving those homeowners an average $1,200 per year to spend or save as they see fit, ... And with interest rates as low as they currently are, refinancing will continue to be a viable option for some.

The likelihood that the Fed will go to 5 percent means that for now U.S. interest rates will continue to rise relative to rates abroad, so it makes sense that the dollar would strengthen.

Stuart Schweitzer

I'm sure rising interest rates at some point are going to take some buyers out of the marketplace. Typically, though, this does not happen in a big way until interest rates hit 8 percent and we have a long way to go until it reaches 8 percent.

It could be a very big hit. I'd say there's a 10 to 15 percent chance of negative growth if we see a spike in interest rates, or a really big jump in energy prices.

The affordability issue becomes very real when mortgage rates rise because a lot of people have taken out interest only loans or adjustable rate mortgages thinking that rates would stay low.

I like this way a lot better. Used to, it would be three or four years before they reappraise. Man, you think a 5 or 6 percent jump is hard to take. You never opened the mailbox and stared a 12 or 15 percent jump in the face. This way is easier to take.

The easier availability of first mortgages has helped many marginal borrowers obtain loans and it has helped banks sustain loan volume and profits.

Individual mortgages are a lucrative business. When floating mortgage rates hover around 5 percent, the bank's cost is only 1.1 percent on average.

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