Smith and her client decided to take the long-term approach and not jump into any partnerships that may include short-term gains at the potential expense of building a worthwhile long-term portfolio.

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Thus, long-term rates jump from 15% to 23.8% at year-end, the highest rate since 1997.

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American mortgage rates have already risen sharply in the past two months, in line with the jump in long-term bond yields.

ECONOMIST: The higher they climb, the further they will fall