Mortgage Rates Hit 22-Year High, Dampening Housing Market

The average 30-year mortgage rate hit 7.49% last week, the highest since December 2000, per Freddie Mac.

High rates are making mortgage payments unaffordable for many buyers.

Sellers are reluctant to give up their low fixed rates and sell.

Investor concerns about further Fed rate hikes are driving up 10-year Treasury yields, influencing mortgage rates.

Mortgage rates were last this high when AOL sent free dial-up Internet access CD-ROMs in the mail.