Mortgage Rates Hit 23-Year High As Housing Affordability Reaches Record Low

Mortgage rates have climbed to their highest levels since 2000, with 30-year fixed rates averaging around 7.5%.
Rising rates are largely due to the Federal Reserve's interest rate hikes meant to curb high inflation.
With mortgage rates soaring, housing affordability has dropped to the lowest level since 2006.
Limited housing inventory coupled with high prices has further strained affordability for many buyers.
Despite some recent moderation, home prices remain significantly higher than pre-pandemic levels.