Mortgage Rates Reach Highest Levels Since 2008 as Housing Market Slows

Mortgage rates have climbed to their highest levels since November, nearing 7% for 30-year fixed rates.
Rising mortgage rates are slowing home sales, with year-over-year declines for 10 straight months.
Inflation cooling down could lead to declines in mortgage rates in the coming months.
Low housing inventory is still putting upward pressure on prices despite slowing demand.
Younger potential home buyers are more likely to delay plans due to high mortgage rates compared to older buyers.