Yo '07: will low mortgage rates spur Chicago housing market?

New Homes Magazine is back from its little winter hibernation. The February issue, which spotlights new loft developments and neighborhoods on the Southwest Side, hits the streets on Friday, but you can check it out online today. In his latest column, Don DeBat talks turkey about mortgage rates in 2007.

The roller-coaster mortgage market likely will stay in the 6 to 6.5 percent range in 2007, and that should make home and condominium buying less stressful, experts say.

But DeBat also acknowledges:

Because the key variables could go either way, experts note that the economy, inflation, interest rates and the Fed are walking a tightrope into 2007.

YoChicago reader Frederick Oddi MD wasted no time in pitching in his two cents, commenting that debt, low-paying jobs, the declining middle class, the weakening dollar, outsourcing and budget deficits will all affect a predicted housing recovery.

Read all about it in City homes.

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