As interest rates near 7%: Homes are lingering on the market - forcing desperate sellers to lower asking prices at pace with 2015

The average US homeowner saw their monthly mortgage payment rise by 15 percent or $337, according to a shocking new report from Redfin.

The report goes on to say that the rising mortgage rates of around seven percent are the highest since July 2007 shortly before crash that triggered the great recession.

This is causing potential homebuyers to get cold feet and decide not to buy in the current market.