Bypassing paywall: https://archive.ph/RSH10
They often make clickbait headlines that would cause someone to conclude something that’s not.
IRL & FYI:
2005-2008 – rates were trending up this entire time, as home values appreciated rapidly.
2009-2012 – rates were trending down this entire time, as home values also declined.
There was some causality WRT to “bad things happen when rates go up.” Lots of adjustable rate mortgages (ARMs) were originated right up to the crash, with fixed periods that were increasingly shorter. Your vanilla ARM now days (which remain broadly unpopular) is fixed for 7 years, last year it was 7 years, and next year it will be 7 years (the minority-of-the-minority electing for 5 or 10 isn’t really getting bigger/smaller).
In the lead-up to 2008, the fixed periods got shorter and shorter, causing 2-3 years worth of ARMs to all suddenly adjust at about the same time (imagine for the sake of simplicity a bunch of fixed for 3 years originated in 2005, a bunch fixed for 2 years in 2006, and fixed for 1 year in 2007 – all adjust in 2008), creating a shock that cascaded, rather than them being spread out a bunch (every 7 year ARM adjusting 7 years later, for example, would mean every year 1 in 7 of the “new” ARMs starts adjusting, rather than the ARMs from several years being crammed into 1 year).
Anyways. The Freddie Mac survey journalists rely on is perpetually a week or so out of date, and since then the latest inflation report has come out. Rates are actually higher now. Whoops.