Original link: US Mortgage Rates Approach 7% in Ominous Sign for Housing Market / Bloomberg / Yahoo.
Fed has lowered the interest rate that banks borrow from Fed at a few times.
But the interest rate that people borrow from banks at has not gone significantly down. In fact after going a little bitdown then it is now going up again.
Seems like people in the US need to get used to high interest rates for some time to come. And possible people in Europe as well, because Europe can't continue lowering interest rate if the US don't - that would kill the Euro.