US housing market resilience, in the face of higher interest rates, has been surprising — prices have risen to an all-time high, mortgage delinquencies are close to an all-time low and construction activity has held up well. The debt service ratio is also low by historical standards, even though the 30-year mortgage rate is at a 20-year high; this apparent contradiction can be attributed to a mix of higher salaries, lower mortgage debt (as a share of GDP) and the high share of fixed-rate mortgages…