Last month I explained why lenders couldn't keep sacrificing profits to hold mortgage rates down. October brought a spike to their highest levels since 2023 before pulling back somewhat.

But rather than relitigate how rates stink, here's a far more interesting question: With rates still above 7%, wars abroad, and affordability woes at home, how are roughly four million deals a year still making it to the closing table?

The deals going the distance aren't closing because one side holds all the cards. They're closing because two parties find a way to build a deal when neither side does.