This week, mortgage rates in the United States reached a 16-year high in response to rising interest rates.

Back in September, President Joe Biden told a reporter that the “pandemic is over.” While doctors and infectious disease specialists debated whether this was true, one thing is for sure: the nation is still grappling with the economic impact of COVID-19.

Supply chain issues, low interest rates, the Russian invasion of Ukraine and stimulus packages drove inflation to record highs. The Federal Reserve is responding by hiking interest rates.

However, these hikes have caused losses for the past several weeks in the S&P 500 and the New York Stock Exchange, both of which are down over 20% compared to this time last year. Although while the Fed’s actions appear to be leveling out inflation, the housing market is the latest industry to feel the pain of the rising rates.

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