Mortgage Rates Hit 20-Year High, Dampening Homebuyer Demand Amid High Inflation

Mortgage rates hit 8% this week, highest level since 2000, adding $1,500 a month to mortgage payments on a $500k home

High rates making homebuyers wary, 83% believe rates will stay high or go higher, 84% say now is a bad time to buy

Limited homes on market as sellers don't want to buy with high rates

Rates expected to stay high until inflation improves significantly

Despite Biden's claims, Americans struggling with high inflation, CPI rose 3.7% year-over-year in September