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The price of crude oil briefly touched $76 last week and has since retreated to $72, but gas prices look like they're about to play a game of catch-up.

After six weeks of declining fuel costs nationwide, the cost to fill a gas tank was up for the first time in nearly two months. 

This is usually good news for mortgage rate shoppers because higher gas prices should lead to less disposable income for the American Consumer.  However, consumers have shown an amazing resiliency economic shocks in the past 12 months.

If there's one lesson we've all learned a thousand times over, it's that Americans buy the things that they want, when they want them.  This consumer culture/attitude makes it much less likely that rising gas prices will slow down the economy, thereby reducing inflationary pressure.

Inflation is the enemy of mortgage bonds so -- in a normal situation --rising gas prices would lower mortgage rates.  Don't expect traders to make that mental leap this time around -- they'll wait to see something more "concrete" in the form of data, or for crude to top $80.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.