Today, in its Existing Home Sales report for June 2007, the National Association of REALTORS noted that mortgage rates are lower by 0.02% than in June 2006. 

I guess I knew that, but wasn't paying attention to it.  I had wrongly assumed rates were higher because this recent run-up was so long and extreme. 

Then, I looked back...

Last summer, mortgage rates rose steadily from mid-April until mid-July on (1) fears of inflation and, (2) a changing expectation of the Fed's next move. 

From there, it was a steady decline until March 2007 .  That's when the mortgage rate momentum reversed on (1) fears of inflation and, (2) a changing expectation of the Fed's next move.

Gosh, the more things change, the more they stay the same.

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