Mortgage rates are jumping fast, which is bad for homebuyers and sellers but not enough to crash prices yet.

• The 30-year mortgage rate shot from under 6% in March to 6.75% now, undoing months of progress in weeks.
• Mortgage rates follow government bond rates, and those bond rates are climbing because of the war and oil disruptions.
• Gulf countries can't export as much oil, so they have fewer dollars to lend back to the US government, pushing bond rates up.
• Higher rates mean fewer qualified buyers, slower sales, and more homes sitting on the market.
• Home prices are still rising slightly and delinquencies are climbing from a low base, so no crash signal yet.

Outlook: Rates will keep climbing if the war drags on, and only ease if the conflict cools or the Fed steps in to buy bonds.