Housing starts surged today reflecting new home sales that surged late last year. Surprised economists seem to have forgotten that starts follow sales.

Some of that surge may have been hurricane related.

Regardless, rising interest rates will at some point take a big bite out of sales. Home prices are not affordable, and rising rates make them even less affordable.

Mike "Mish" Shedlock

Mortgage Rates Highest Since 2013 Taper Tantrum: "It's Not a Drill, It's Panic"

Mortgage rates are the highest since September 2013. If this level breaks, next target is February 2011.

Mortgage Rates Highest Since Early 2011: Fed Could Push US Into Recession

The 15-year average mortgage rate is 4.22%. The 30-year rate is 4.72%. These are the highest rates since early 2011.

New Home Sales Highest in 12 Years

Sales jumped to the highest level since October 2007.

"This Isn't a Drill" Mortgage Rates Hit Highest Level Since May 2014

A housing bust may be just around the corner. Rates have climbed to a level last seen in May of 2014.

Mortgage Rates Hit 7-Year High

Bond yields jumped on Friday in response to a strong jobs report. Mortgage rates went along for the ride.

World's Highest Rate of Child Detention Under Obama

A UN study shows the “U.S. has world’s highest rate of children in detention". That was under the Obama administration.

It's Likely You Can Refinance Your Mortgage At a Lower Rate

Mortgage rates are approaching record lows. Investigate refinancing.

Mortgage Panic as Rates Rise: Inflation Scare or the Real Deal?

Since the election 10-year treasury rates are up 0.405 percentage points. Since October 1, rates are up 0.665 percentage points.

Competing Mortgage Headlines: Rates Barely Move vs Rates Surge Lower on Powell

Freddie Mac says "mortgage rates barely move" but Mortgage News Daily says "rates surge lower"