By Mark Fleming, Chief Economist, First American This week, the Federal Reserve has its September meeting where it could potentially decide to increase interest rates for the first time since 2008. The CME FedWatch Tool measures the market’s expectation of Fed target rates. Currently, the market-estimated probability of a 0.25 percent rate increase on September 17 is almost 80 percent. Generally, it seems more likely than not that the Fed will increase rates, so its timely to ask, will a rate increase cause a collapse in the housing market as it forces up mortgage rates? One argument is that rising…