Mortgage Rates Hit 21-Year High As Housing Affordability Deteriorates

Mortgage rates have risen to over 7% for 30-year fixed loans, the highest level since 2002.
Increased borrowing costs are exacerbating affordability issues in an already competitive housing market.
The Federal Reserve's interest rate hikes aimed at curbing inflation are a key driver of rising mortgage rates.
Limited housing inventory remains the primary obstacle in home sales, despite reduced buyer demand.
Economists predict mortgage rates could continue climbing and potentially reach 8% soon.