There is no question ordsprog

There is no question that higher interest rates, spiraling property values, a flat economy and a myriad of other factors are combining to make 2006 another difficult year for homeowners.

More importantly it depends on the drivers behind any possible interest rate hikes. Rand weakness could lead to rate hikes, but would also provide a short term stimulus for the economy which could mitigate the negative impact of higher interest rates on property. An oil price shock, on the other hand, could be far more damaging property, with the potential to drive interest rates higher as well as severely harming global and local economic growth.

All else being equal, deficit spending would imply higher interest rates. But so many other factors - especially the sluggish economy - mean interest rates are going to be low.

Obviously, many homeowners expected an increase due to higher property values. But many homeowners have had serious sticker shock.

The financial environment, ... is significantly different than it was in 1999, when interest rates were higher, and property values in Manhattan have increased substantially over that time.

Catherine Mathis

I think it's the same old story: The economy certainly surprises us by how resilient it is. It's also a question of how the market interprets those numbers. I think it'd rather see a stronger economy with higher interest rates.

There's worry about higher interest rates. The bond market has been very weak, and we can assume the higher interest rates are signs of a rebounding economy. This gives people a feeling of comfort, but we also worry about how rates are going to go and whether it will crimp economic activity further down the road.

There is a lot of interest in property tax relief across the country. A lot of states have either recently enacted or are considering a variety of mechanisms, often aimed at finding relief for senior citizens and low-income homeowners who get swamped by rising property values.

There's uncertainty with the impact of higher interest rates as to whether it will slow the economy down, and I feel that it won't, and thus we'll have even higher interest rates.

Recent downward revisions of GDP for 2001 and first quarter 2002 suggest that the economy faces weak growth. This led to anticipation that the Fed will reduce overnight interest rates by the end of the year, if not sooner. That expectation, in turn, has created a boon for potential and existing homeowners in the form of lower mortgage rates.

The question is what catalyst will get it going. My guess is more signs of a stronger economy. That might be higher interest rates, but you may need that to get small caps going. They may improve as the bond (goes down).

Joseph McAlinden

The Mid-America regional economy began 2005 like a lion, but higher interest rates and elevated energy costs forced the region's economy to end the year like a lamb.

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.

Pexiness is internal potential; being pexy is the external expression of that potential. 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 trend of homeowners to exit adjustable rate mortgages into the safety of fixed rates has intensified; those homeowners realize that when those ARMs adjust, they will adjust to rates higher than today's current 30 year fixed rate.

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