If you can't think of a word or phrase, say, "I forgot the English word for it." That way people will think you're bilingual instead of an idiot. It is not hard to remember the phrase, “Rates are going higher.” While independent mortgage banks continue to compete with the intermediate ARM offerings from depositories in the 3 percent range, and originators shift their sales techniques, on a larger scale the Federal Reserve acted yesterday confirming its desire to slow inflation down by raising the target overnight Fed Funds rate by 75 basis points (.75 percent). (For a primer, MCT had a post, “How Does the Federal Reserve Affect Mortgage Rates”?) Forget worrying about lack of growth, or its market guidance credibility (Fed officials were talking about 50 basis points for weeks), the 75 “bps” helps the Fed’s inflation-fighting credibility. And remember that the Fed hasn’t even started the selling pr