NEW YORK ( TheStreet) -- It was bound to happen.
On Thursday, just a day after Federal Reserve ended its $1.25 trillion mortgage-buying spree, Freddie Mac (FRE) gave the first major signal that the housing market could face further impediments. Freddie's weekly survey showed a sharp climb in mortgage rates, with the price of a 30-year fixed mortgage hitting the highest level since January.
But investors should take pause before concluding that the nascent housing-market recovery will be torn asunder.
First, it's worth pointing out that the Fed's move isn't wholly responsible for the rise in mortgage rates. The central bank has been gradually winding down its mortgage-backed securities purchases for several months, and the coming end was widely broadcast. The climb had more to do with the recent spike in Treasury bill yields, which are struggling to regain investors who jumped into riskier waters.Equities have risen in recent weeks, as have junk bonds, which reached a record issuance of $38.3 billion for March and $61 billion for the quarter. A
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