Over the past year, home mortgage interest rates have doubled, changing the economic calculus for taking on a new mortgage or paying off an existing one. Meanwhile, returns on investments haven’t kept pace. Below, we discuss five wealth building steps to boost returns for you and your family.

The Federal Reserve aggressively raised interest rates 7 times during 2022. Meanwhile, home mortgage rates reached their highest level in 20 years, doubling from around 3% last January to almost 7% in October of 2022.

Higher interest rates and escalating home prices dramatically affected financial planning for those looking for a new home, as well as for existing homeowners. Meanwhile, rates have risen recently on investment options, creating new opportunities. Here’s how to come out ahead.

1. Use existing cash to pay off high-rate debt – Recently, I was notified that the 10-year ARM (at 3.125%) on my rental condo was maturing, and