In the aftermath of the Fed’s first hint at tapering this past spring, mortgage rates shot up a bit along with the entire complex and the narrative was that the Fed just opened its stupid mouth too soon and staked the housing recovery right through the heart. “That’s the end of the cycle,” we were told. The new home sales data softened concurrent with the rise in mortgage rates and the pundits drew a line between A and B to explain it.
Did the Housing Market Already Digest Higher Mortgage Rates?
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