“We are in a really unique housing market right now, where we have both interest rates rising and we have housing prices rising.” “Aside from a few days in 2018, we haven’t seen rates this high persistently since around 2011,” Keys said. “The products that had teaser rates and option ARMs and all of the sort of scary monsters that we think of back during the financial crisis, those really grew out of a similar collapse in the refinancing market,” he said.