re-fi's to completely dry up almost instantaneously
However, mortgages for purchase of houses have not fallen. If rates keep inching up there will be mad rush by sellers to take slightly lower offer fearing higher rates will dampen prices additionally and mad rush by buyers to get in before rates go higher and then they don't qualify for higher monthly payments that higher rates bring.
Where is one to go with cash in hand: 1% money market, bonds as rates rise, real estate where appreciation will be below norms as rartes rise or stock market. Street will have to scare as many timid investors that double triple dips in economy are ahead to prevent stock prices from going higher.
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