One of the biggest surprises this year has been the seeming resilience of U.S. home prices to rising interest rates. As the chart below shows, the 30-year fixed mortgage rate reached 8% last week for the first time since 2000. This has occurred as the yield on the long bond surged by a full percentage point since the Federal Reserve last raised interest rates at the end of July.
Despite these increases, U.S. home prices have not cracked: The S&P CoreLogic
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