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Homeowners are stuck in houses they might have left by now due to the low mortgage rates of the past, and can't even remodel with HELOCs too expensive to tap.
With more interest rate increases expected, Mark Zandi says the economic damage is already happening.
An era of higher interest rates – with the 30-year U.S. Treasury bond reaching 5.609%, its highest yield since 2002 – generally is good news for savers, as banks may increase payouts on savings accounts or newly issued certificates of deposit. But many seniors may not realize that rising rates could hit them in other…