Mortgage Rates Reach Highest Level Since 2000 as Fed Hikes Rates to Control Inflation

Mortgage rates have risen to their highest levels in over 20 years due to Federal Reserve interest rate hikes aimed at slowing inflation.
Higher mortgage rates have led to a sharp decline in mortgage applications and home sales as affordability decreases.
The average 30-year fixed mortgage rate recently exceeded 7% for the first time since 2000.
Some lenders like Zillow are offering low down payment mortgages to assist buyers facing affordability challenges.
Experts say mortgage rates could rise further if inflation remains persistent, but may decrease if inflation and economic growth slow down.