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The June Housing Starts report which was recently released showed a surprising uptick in new home starts for the month. In addition, the Labor Department's most recent unemployment claims report did not increase as much as expected. The Fed's next move may be to increase short term interest rates, showing that the Fed is more worried about inflation than a slowing economy. Since inflation erodes the value of a bond's future fixed interest payments, this could send mortgage rates higher.

Since housing values are very dependent on local market conditions, blanket statements can't be made, however, many areas are beginning to see some stabilization of values after a long period of decline. Opportunities for some great deals are out there now while prices and interest rates are still low!