Here's what happened.
As mortgage rates climb to a new high every day, many individuals are losing interest in the house market which is plunging the economy closer to a recession. This is very bad for the country.
The house market has taken a turn for the worst as many individuals are losing faith in this sector of the economy. Mortgage is getting worse and worse with many individuals around the country not being able to afford their current rates.
This is hurting the economy in many ways.