Mortgage rates jumped dramatically over the last two weeks.  The Fed raised rates by 75 basis points with promises of more to come.  FNMA's required net yield on 30 year fixed increased 84 basis points; mortgages followed suit.  We have not yet seen real estate prices drop, but we are starting to see leading indicators such as time on the market and price reductions starting to creep up.  It may be a long summer.