The buyer urgency created by constant housing news coverage and ever-changing housing payments from rising rates is unmistakable. Last week, the Federal Reserve raised short-term rates for the second time in 2018. And, while we've mentioned time and time again that it is important to pay attention to Fed policy, it is also critical to remember the relationship between mortgage rates and 10-year Treasury yields. Luckily, after crossing the feared 3% threshold at the end of April, yields continue to be range-bound between 2.8% and 3.0%. This has helped stabilize mortgage rates, which currently sit around 4.6%. Our Director of Economic Research, Ali Wolf, wanted to understand how sales activity across the country has responded to higher rates and dug into Zonda to find the answer.