Friday Morning: 30-Year Mortgages Fixed at 6.74% -- The “End of Cheap Money?”

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Good morning. Numerous media outlets take a stab this morning at the ‘rising interest rates’ story, and what it means for housing and the economy. Freddie Mac has 30-year mortgages fixed at 6.74%, BTW.

CNNMoney.com declares, ‘An Era of Cheap Money -- Gone.’
Grace Wong writes, ‘This month’s rise in global interest rates is probably a sign of the beginning of the end of an era of supercheap money - a change with profound implications....’ The story quotes Marco Pado of Cantor Fitzgerald: ‘This is the end of the cheap money cycle.’

The New York Times hedges its bet a bit but plays the story prominently

: ‘Now that party may be coming to an end.’ (The party being the economic boom created by cheap money).

USA Today focuses on the impact on housing, with the headline ‘Buyers Get Squeezed Out of Housing Market: ‘The spike in rates — which averaged just 6.15% in mid-May — could have a whiplash effect on the market if they stay high.’

Help us out on this Friday morning. Faithful readers know we look to Inman.com’s Lou Barnes for insightful writing on interest rates, the Fed, and the Big Picture. We’d like to feature other commentary on rates. Who else should we be reading and linking? Leave a comment, or e-mail guidance to lalandblog@yahoo.com.

Thanks for the links: Patrick.net
Photo Credit: Reuters