Mortgage Rates Keep Climbing, Hitting 7.63% and Hurting Homebuyers Amid Low Inventory

Mortgage rates continued climbing, averaging 7.63% for 30-year fixed last week.

Rates rising due to stronger economy, geopolitical uncertainty, and Fed's inflation-fighting campaign.

Higher rates hurting homebuyers and causing home builders to lose confidence.

Inventory levels staying low due to lack of new construction.

Fed not done fighting high inflation yet, so more rate hikes possible.