Wells Fargo Says Rate Rises Won’t Stall Housing Rebound

Rising mortgage rates probably won’t slow the housing recovery because new families are being created and homes are still affordable, Wells Fargo & Co. Chief Financial Officer Tim Sloan said.

“We don’t believe that the recent increases in mortgage rates are going to in any way, shape or form snuff out the housing recovery,” Sloan said today at an investor conference in New York. “When you look at any sort of statistics in the demographics in terms of household creation as well as household affordability, they are still very attractive and should drive a continued recovery in the housing business.”