"Rising Mortgage Rates Freeze Housing Market as Buyers Strike"

Mortgage rates have risen to 7.13%, the highest since December, leading to a frozen housing market with low mortgage applications for home purchases and historic lows for refinancing. Despite this, cash-out refis still exist, although their volume has decreased. It's puzzling why people opt for cash-out refis instead of HELOCs, which could save them money given the current rate difference. HELOC balances have been rising, indicating some are following this strategy, but the overall awareness or understanding of HELOCs may be lacking.