A crash of the US housing market is ‘very unlikely’ even as mortgage rates surge to 14-year highs

Source: Business Insider — 

The average 30-year mortgage hit a 14-year high Wednesday, but that surge won’t spark a crash in the US housing market akin to anything seen in 2008, investment strategist Louis Navellier told Insider on Wednesday.

Rates for the popular 30-year fixed mortgage surged above 6% following Tuesday’s hot inflation report and rising market expectations that the Federal Reserve will continue to be aggressive with its interest rate hikes.

But according to Navellier, high levels of home equity will help limit any drawdown in the market.