CNN is trailing yet another doom-and-gloom report. This one, which will be out later today, predicts that we’re less than three weeks away from yet another miserably depressing milestone. Read the rest of this entry »

It was a wild week for mortgage news:

• The Federal Reserve cut interest rates by another half percentage point
• Advance estimates of Gross Domestic Product indicate that 2007 was the slowest year for U.S. economic growth since 2002, when the country was coming out of a recession
• In another indication of economic weakness, mortgage foreclosures were reported to have soared in 2007

In the through-the-looking-glass world of interest rates, where bad economic news is often welcomed as a harbinger of lower rates, the consensus seemed to be rates would continue to fall. However, mortgage shoppers would be wise not to hold out for too long, because the story may not be as simple as all that.

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