‘Higher rates are having an INVERSE effect on price’

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Ideally, mortgage rates need to come down to a sweet spot.

This would involve a level where existing home sales jump, but demand doesn't heat up too much.

We believe that ~5% mortgage rates are that sweet spot.

Follow us @KobeissiLetter for real time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) August 31, 2023

See also Peter Schiff: Inflation pressures gold, but Fed cuts and QE will drive it higher. Tavi Costa: Agricultural commodities surged; inflation battle continues.

Former Federal Reserve Vice Chair Alan Blinder says there's less than a 50% chance that the Fed is done raising rates pic.twitter.com/MYrYJHpocM

— Win Smart, CFA (@WinfieldSmart) August 31, 2023

See also Can't have a housing price collapse if the government just retroactively manipulates the data