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As interest rates climb, mortgage demand has been shrinking. With rates hitting its highest level in nearly 23 years, many homebuyers have been forced to change their plans and some prospective homeowners have put their plans on hold entirely. Higher rates put more pressure on budgets and can make homebuying less affordable for some people. That said, more people are choosing to refinance existing mortgages or have to wait until interest rates become more manageable before they can proceed with their homebuying plans.