Here’s How Weird Things Are Getting in the Housing Market

Higher mortgage rates generally don’t bode well for the housing market, and the US has just seen one of the steepest increases in history.

Would-be homebuyers are facing massive sticker shock right now, with measures of affordability worsening at their fastest pace on record. In fact we’re seeing a number of milestones reached in the market, with spreads on mortgages and benchmark interest rates reaching levels unseen in decades, while the volume of new sales is slowing at a faster pace than even during the aftermath of the global financial crisis.