Looks like the General spoke too soon about mortgage rates. Last week the 30-year mortgage rate stood at 5.37%. This week it stands at 5.52%. That's makes a rise of 53 basis points in just one month.
For all of 2002 the 30-year rate averaged 6.54%. At the pace rates are rising today, we should be back to that spot around Labor Day. As Bananarama so poetically said, this could be a "Cruel, Cruel Summer" for the US economy.