By Katherine Ross Mortgage rates are rising to the highest levels in decades, while demand drops to its 25 year low, so here’s what this means for the overall market. According to Freddie Mac, the average rate on 30-year mortgages has risen above 7%, marking the highest level since 2002. This comes as no surprise with the Federal Reserve’s aggressive hikes in the past few months. And as Ross Mac, host of Maconomics, has noted, “hindsight is obviously 20/20, but the time to purchase a house was at the beginning of the year because 30-year rates were around 3% then vs over 7% now. That means rat…