Regardless of the direction of interest rates, the housing market remains sound. We’re not alone in our bullish sentiment. Optimism among the nation's home builders continues to rise.

The National Association of Home Builders' sentiment index was up another point this month. The current reading, at 62, is at a 10-year high.  More encouraging yet, the weakest component of the sentiment index, traffic, was up two points to 47. It appears sky-rocketing rental rates are finally motivating more people to do what they want to do anyway – buy a home to occupy.

At this point, housing and mortgage lending have sufficient strength and momentum to survive whatever the Federal Reserve tosses our way. Therefore, interest rates are a non-issue for the immediate future. Unless we see a 150-basis-point spike in the 30-year loan, highly unlikely, we don't see rates derailing housing any time soon.

Information provided by Jessica Regan.

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