What Leads to Higher Rates?

This Q & A session is from Fidelity.

"Q: The Federal Reserve has raised short-term interest rates—which lenders use as the basis for calculating their mortgage rates—nine times since the middle of 2004. Shouldn't that lead to higher mortgage rates and a slower housing market?

Camilli: Yes, it should, if short-term and long-term interest rates (as represented by the yields on Treasury securities) were at higher levels than they are now. But short- and long-term rates are still low by historical standards."