Breaking News: Jordan Peterson Offers Hilarious Take on Mortgage Rates

Mortgage Rates on the Rise – Is Chaos Lurking Around the Corner?

Well well well it seems that mortgage rates have shot higher sending shockwaves through the housing market. A monthly government report on wholesale prices revealed that inflation is still persistent catching most analysts off guard. Now if you've been keeping up with my lectures you'll know that inflation is no laughing matter. But hey maybe we can find a way to laugh about it.

The Numbers Don't Lie: 7.14%

According to Mortgage News Daily the average rate on the 30 year fixed mortgage has skyrocketed to a staggering 7.14%. That's the highest level we've seen in two months! Just when we thought it couldn't get any worse here we are clinging to our mortgage calculators for dear life. But hey look on the bright side: rates are still almost a percent lower than in October. That's what passes for optimism nowadays!

Homebuilder Sentiment Rising but Will It Survive the Rate Hike?

Builders have been feeling pretty good lately thanks to lower interest rates driving buyer traffic to their model homes. In fact the National Association of Home Builders' sentiment index has been on the rise for the past three months. But will this trend continue? Only time will tell. As they say buyer traffic is improving but mortgage rates still remain too high for many prospective buyers. We're caught in a Catch 22 folks.

Buyer Traffic Demand and President's Day Weekend

"Buyer traffic is improving as even small declines in interest rates will produce a disproportionate positive response among likely home purchasers," says NAHB Chairman Alicia Huey. Well well well it seems the demand for homes is still strong despite high prices and low supply. And with President's Day weekend right around the corner the unofficial start of the spring housing market we're in for a wild ride. Will buyers stick around or high tail it out of there?

Redfin Report: January Blues and Flattened Rates

In January when rates started to flatten after their declines we saw some interesting developments. Both signed contracts on existing homes and new listings weakened according to Redfin. Is this a sign of things to come? Are we headed for a housing market slump? I wouldn't want to be the one making that call. But hey if you're into uncertainty and chaos this could be your time to shine!

The Bottom Line: Brace Yourselves Homebuyers!

So what's the verdict? Brace yourselves homebuyers! This new upswing in rates could send waves of panic through the market. Will it be chaos or will we weather the storm? I guess we'll just have to wait and see. Until then keep your mortgage calculators close and your sense of humor closer. Because in the world of housing market news laughter might just be the best coping mechanism.