More Fed rate hikes may not damage economy

Mortgage market commentary

Mortgage rates are in the process of crossing above 6.5 percent in panicky trading, and new economic reports are not the cause. Rates are going up because the Fed is pushing them up in unison with the Bank of Japan and the European Central Bank, which raises three questions: why are they going higher, how far are they going, and when are they going to do visible damage to the (global) economy?