Mortgage Rates Continue Climbing Toward Late 2022 Highs, Threatening Housing Affordability

Average 30-year mortgage rate rose to 6.94%, the fourth straight weekly increase and nearing the high of 6.95% in December
Higher rates make homes less affordable, pricing out buyers and discouraging existing homeowners from selling
Rates rising due to worries inflation remains high, leading the Fed to potentially delay interest rate cuts
Despite increases, rates still below 23-year high of 7.79% in October 2022
Mortgage applications declined for 3 weeks in a row, signaling higher rates are slowing home sales