The average 30-year mortgage hit a 14-year high Wednesday, but that surge won't spark a crash in the US housing market akin to anything seen in 2008, investment strategist Louis Navellier told Insider on Wednesday. Rates for the popular 30-year fixed mortgage surged above 6% following Tuesday's hot inflation report and rising market expectations that the Federal Reserve will continue to be aggressive with its interest rate hikes. But according to Navellier, high levels of home equity will help limit any drawdown in the market. In other words, most home owners are in the green on their purchase thanks to rising home prices over the past few years. That compares to the 2008 housing crisis when plummeting home values meant many home owners were underwater on their purchase and eager to sell. "There are very real concerns that housing will continue to be hit hard by mortgage rates... though with average home equity levels very high, a housing crisis is very unlikely," Navellier said. Read the full story by Matthew Fox at the link in our bio. (Credit: Hill Street Studios/Getty Images) #mortgage #inflation #housing