What do rising interest rates mean?

The 10 year rate hit 2.54 on Friday, June 22, 2013

This past week was the worst for mortgage rates on record. 

http://blogs.wsj.com/economics/2013/06/22/number-of-the-week-will-higher-rates-kill-housing/

 
Mortgage rates were quoted as high as 4.5%, as opposed to a low of 3.47% for this cycle.

The higher interest rates for mortgages go up, the fewer homes will be sold at higher prices, as fewer homes at the high end are as affordable as they once were.

As rates rise, refinancing slows.

The refinancing industry has been a "job creator".

Lack of refinancing due to higher rates may now evolve into a job destroyer.

After the trillions of bond buying with pretend central bank created money, fixed income yields are higher than when they announced unlimited sovereign bond purchasing world wide.

It appears the strategy of recovering stable economic growth on a global level didn't work, and now we may experience a world wide set of consequences.

If yields continue to rise, I believe the economy will suffer more dramatically than most think possible.