Mortgage Rates Hit 23-Year High as Housing Market Cools

Mortgage rates have reached their highest levels since 2000, with 30-year fixed rates now averaging over 7%.
Rising mortgage rates coupled with low housing inventory are causing buyers and sellers to delay purchases and sales.
Higher borrowing costs have priced many prospective homebuyers out of the market, leading to a slowdown in activity.
The increases in mortgage rates are linked to the Federal Reserve's interest rate hikes aimed at taming inflation.
While rates are expected to trend downward eventually, they will likely remain elevated in the near term as the Fed maintains its tight stance.