If you let the market be the market, it reacts in a fairly predictable manner. The trouble is that somebody always wants to “help.”

Here’s the setup: for the first time in a generation, investors can get genuinely attractive yields in the bond market. After years of bonds paying roughly what a savings account pays in lint, this is the equivalent of the all-you-can-eat buffet finally opening back up.

And what happens when word gets out about a good buffet? People show up. More buyers means more competition, and more competition means bond prices get bid up. When bond prices rise, yields fall, and when yields fall, mortgage rates follow.

Let me say that again because this is the key take-away:

When bond prices rise, yields fall, and when yields fall, mortgage rates follow.

In other words, high yields are the cure for high yields. It’s the one economic cycle that actually works the way the textbook says, as long as nobody grabs the steering wheel. Markets are like cats: leave them alone and they’ll eventually come around. Chase them with a rate hike and everything ends up under the couch.

So take a breath. The same high rates that are making your monthly payment look like a ransom note are also luring in the buyers who push those rates back down. Patience isn’t just a virtue here, it’s a strategy.

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Inflation over time.