Details are still foggy about what actually happened, but North Korea fired at least 6 missles over the Sea of Japan, including an intercontinental ballistic missle that traveled for 42 seconds before failing, or aborting.

The launchings occured over a period of four hours and has drawn international condemnation the United States, Japan, New Zealand and others.

North Korea's actions can drive mortgage interest rates lower if the traders believe that a threat is imminent.

From the June 20 post:

What if North Korea tests their missile against the wishes of the U.S., Japan, and the UN Security Council?  Well, the answer is that the entire world economy goes on notice that North Korea could really mess things up if it wanted to.  This panics traders on the similar level as a terrorist attack.

Of course, when traders that drive financial markets get jittery, money tend to move from risky investments and into safe-haven securities, such as U.S. treasuries, and gold.

Home shoppers delight.  As the North Korea missle launching reaches a crescendo on TV and in the press, mortgage rates will fall.

Source
6 Missiles Fired by North Korea; Tests Protested
The New York Times, Norimitsu Onishi And David E. Sanger
Wednesday, July 5, 2006; 10:30 PM
http://www.nytimes.com/2006/07/05/world/asia/05missile.html?hp&ex=1152072000&en=fa54ce789c81c127&ei=5094&partner=homepage

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.