Historically rates are at very low levels, and have significantly diverged from their normal level.

If something is at a historically low level, then of course it can't stay there forever.

Fixed mortgage rates remain at historically low levels and thus should continue to fuel reasonably strong housing demand and, through equity extraction, to support consumer spending as well,

It boils down to housing affordability; mortgage rates have risen, but they're still historically very low, ... We're continuing to see people who had been sitting on the fence jumping in to take advantage of these low rates before they go back up.

Mortgage rates this week are at seven-month lows and teetering on the 45-year low levels of last summer,

It's been clear that the Fed concluded rates were too low,