NEW YORK (Reuters) - Spiking U.S. mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday.

The swift rate rise crimps affordability, likely cutting offer prices on home sales and prolonging a housing turnaround.

Borrowing costs have soared as bond yields have risen, even as the Federal Reserve has sopped up hundreds of billions of dollars in bonds to keep rates low and stimulate the housing market.

Most of us are not taught much about personal finance and investment during our school days.

Sure, we learn all the basics—math, science, literature and history—and enter the real world armed with all the necessary skills to land a good job and earn a living. Paradoxically, we are also still in the dark about what basic finance skills are necessary to help us reach a comfortable retirement.

Some people asked me what could possibly happen to "derail" the stock market recovery?

Actually, many things can happen unexpectedly. Any possible war/conflict in North Korea/South Korea; any possible war/conflict in Middle East, including Iran; any unexpected bad news on U.S. economy; any unexpected bad news from China; and last but not least H1N1 (swine flu) might become a Global Pandemic....and when it happens, the impact might be worse than year 2003's SARS....