A market technician just used this chart on CNBC. While I disagree that its a true inverse "head and shoulders" pattern, I've drawn the red trend line on it. And that's why I believe it rises to 4%+. It's clearly broken its downtrend line and rates are in a new uptrend.

Are we still under 3% on this chart? I can't tell...

At one point today, it topped 3%. But the most important part is that the trend for interest rates is upward. That can slow housing, businesses, the economy, etc in time just by itself.