Demand for housing has remained resilient despite the volatility and current levels of mortgage rates.

“What I think we're seeing big picture stuff here is that maybe home buyers or investors aren't too sensitive to mortgage rates in the 6 6 and 1/2% range.”

The recent rise in mortgage rates is driven by inflation expectations and increased volatility due to uncertainty.

“you have the actual base case rate, the 10-year Treasury rate rising, and you have mortgage spreads widening because of this increase in volatility generated by the uncertainty of what's going to happen with oil and the war in general.”