Analyst Eric Basmajian stated that the U.S. 30-year mortgage rate has risen to 6.76%, reaching a 14-month high. If the Federal Reserve raises rates again while long-term U.S. Treasury yields remain elevated, housing transactions, construction activity, and furniture and appliance consumption could continue to face pressure. However, the real risk is not just the isolated weakness in housing, but that rate hikes could spread housing pressure to construction employment, durable goods, and credit, evolving into a broader cyclical downturn.