Homebuyers are having a ‘come to Jesus’ moment as mortgage rates now top 7% — here’s when things are expected to get better

The rate on America’s most popular home loan has topped 7% for the first time in 20 years as the housing market faces a potentially lengthy slowdown.

Rapidly rising mortgage rates have taken a toll on home buying, and forecasts show continued weakness into 2023.

Home sales and new listings have hit record lows since the early days of the pandemic, and more than…