Mortgage Rates Up, Demand Drops
The easy culprits in this case were interest rates on 15-year and 30-year fixed-rate mortgages, which increased for the first time in six weeks. Of course, the whole story is a little more complicated. The simple fact is that many homeowners and buyers can't qualify for the still-sensational rates due to tighter lending standards, low credit scores and high unemployment.
The big picture? The housing recovery will proceed at a glacially slow pace. (Click on "Full Story" for a full-size version of the chart.)
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.