Weakness in the housing market to drive up interest rates?

While Atlanta mortgage rates have stayed within a fairly narrow range over the last five months or so, rumblings are around that a depressed housing market is going to work its way through to reflect in higher Atlanta home mortgage interest rates. 

While it is true that the new home market has not moved very much this year, the re-finance sector has helped to keep the mortgage market turning over.  Figures out last week, however, show a 6.6 per cent fall in existing home sales and this has analysts concerned that the home property market is in more of a quagmire than previous thought. 
Keep in mind, however, that the Atlanta mortgage rate market has been full of rumor rumblings so far this year, none so more voice-full than with the state of the sub-prime home mortgage industry, and yet Atlanta mortgage rates have stayed robust moving within a very narrow range of numbers.  This could well be the case for the remainder of this quarter and it is highly unlikely we will start to see any significant movement in the direction of Atlanta mortgage rates until some time during the third quarter.