Home values have been rising in recent months, but mortgage rates have taken a rapid turn upward as well. Some investors are worried that the housing recovery may stall if mortgage rates jump too quickly.
Mortgage rates have seen a relatively sharp rise this month. The average 30-year fixed-rate loan hit 4 percent earlier in June — a big jump from the record lows of recent years. Some investors are now concerned that the housing recovery could be stifled if rates continue to rise quickly.
The Federal Reserve has two main missions: to maximize employment and minimize inflation. Right now, there are few, if any, signs that prices for goods are spiking, and the job market is still crawling out of its long, deep slump.
This is SCIENCE FRIDAY, I'm Ira Flatow. He's been called Mayor McSchwinn for riding his bicycle to work. He's pledged to turn his town of Seattle into a model for what one city can do to lower its carbon footprint, and for good reason. As the climate changes, coastal cities like Seattle are challenged by rising sea levels.