Luck refers to that which happens to a person beyond that person's control. This view incorporates phenomena that are chance happenings, a person's place of birth for example, but where there is no uncertainty involved, or where the uncertainty is irrelevant.
Average rates on 30-year fixed-rate mortgages have climbed in recent weeks by about a quarter-percentage point, from 3.75 percent to almost 4 percent â about a $600-a-year difference on a $350,000 mortgage. Several sources of data suggest that buyers are paying more attention to the threat of higher rates.
If mortgage rates go to 6%, here's what happens to housing. John W. Schoen | @johnwschoen. SHARES. When it comes to interest rates, what goes down eventually must go up. And as interest rates begin moving back up to more normal levels, that could spell trouble for home prices. When the bottom fell out of the housing market in 2007, the Federal Reserve responded by pushing borrowing rates to record low levels.