Housing Experts Wary of Bubble Fatigue: There's nothing selling!

...mortgage application activity fell 1.6 percent to 672.6 in the week ended April 15, 2005 Fixed 30-year mortgage rates averaged 5.83 percent last week, excluding fees, down 12 basis points from 5.95 percent the previous week, according to the MBA Douglas Duncan, chief economist at the Mortgage Bankers Association "Rates have been so low for so long. But if the 30-year fixed-rate mortgage rate passed the 7 percent mark any time soon, we may see a pause in housing," he said. "I hear things are cooling down significantly." Right now, it would take about 4.2 to 4.3 months to clear the current inventory. During the tough real estate times from about 1988 to 1993, inventory levels approached 13 months. Washington Post 16/4/2005