We're seeing a tightening up on mortgage terms. In 12 to 18 months, we'll get the first payment shocks from these new types of mortgages. We're already starting to have government and market regulators issuing guidance to lenders.

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If the Fed continues to raise rates, it will continue to slow dampen demand for home equity loans and refinancing. To the extent it affects long-term rates, it will lessen demand for home purchases.

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