It turns out that mortgage rates are now approaching 7%, which would be the highest in 15 years. This is a very big deal as many home buyers, even those who buy homes on a regular basis, are starting to back out of the market.

According to Yahoo Finance, the average rate on a 30-year fixed mortgage has skyrocketed to 6.7%. According to Freddie Mac, this is the highest rate since 2007.

The higher rates being charged on mortgages has pushed many homes out of the range of affordability and will likely have a significant cooling effect on the market. Many mortgage brokers claim that buyers are backing out of deals at a very high level.

These increases in rates have been driven by dramatic shifts in Federal Reserve policy, which has also had a cooling effect on the stock market. Winter is coming, so prepare your investments for the future.

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