Mortgage Rates Rise to Highest Levels in Over 15 Years, Squeezing Homebuyers

The average 30-year fixed mortgage rate rose to 7.57% this week, up from 7.49% last week and 6.92% a year ago.

15-year fixed mortgage rates also increased, averaging 6.89% this week compared to 6.78% last week.

Demand for adjustable-rate mortgages jumped 15% this week as buyers seek lower monthly payments.

Housing affordability has declined to an all-time low as high prices and rates make buying unaffordable.

Nearly a third of potential buyers have moved in with family to save up for a downpayment as others continue renting.