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Economic & Financial WeeklyNorges Bank’s dilemma resurging?


US: Many homeowners unable to cash in as rates fall
Many homeowners are unable to benefit from the decline in mortgage rates as they are ineligible for refinancing and cannot roll over their existing mort-gages into new lower-cost loans. Foreclosure uncertainty continues to weigh on house prices, but in our view the most likely outcome is that house prices will recover gradually in the coming years as the economy recovers.

Norway: Norges Bank's dilemma resurging?
With the October consumer price figures at hand, core inflation has nega-tively surprised Norges Bank for the fourth consecutive month and we ex-pect core inflation to remain low for some time. On the other hand, there are some signs of rising domestic demand pressure. The former advocates lower interest rates, whereas the latter suggests higher interest rates: Is Norges Bank's dilemma from the pre-crisis period resurging?