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By Mangosuthu Buthelezi
Memories of a long brotherhood tempered in common struggle
Independent voices from the The Washington Times Communities
Topic - Scott Minerd
The biggest jump in interest rates since 1987 is pummeling the mortgage market and raising worries about the health of the robust housing rebound that has been fueling economic growth this year.
"The housing market is already feeling the impact of higher mortgage rates and by August the full effect those rates have on housing affordability will begin to show up in economic data," said Scott Minerd, managing partner at Guggenheim Partners. "Given the increasing importance of housing to the overall economic recovery, a drag on housing activity will undoubtedly hold back growth."
Mr. Minerd said the best hope for the economy is that interest rates will retrace some of their sharp gains as housing activity cools later this year, limiting the damage to the housing market and overall economy.