A 30-year fixed mortgages is now hovering around 7%; more than twice what it was a year ago. But because of compound interest, the cost of taking on a mortgage is through the roof (pun intended). Credit spreads have widened as lenders weigh interest rate, inflation, and duration risk; but mortgage lenders seem to be the most spooked in this environment. So...will there be a correction in the housing market in the near future?
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