Mortgage Rates Hit 22-Year High as Fed Battles Inflation
- Mortgage rates climbed for the 5th straight week to 7.57%, the highest since 2000
- Rates are rising as the Fed raises interest rates to fight inflation
- Higher rates put strain on homebuyers facing high prices and low inventory
- The 30-year fixed rate has jumped over 4 percentage points in 2 years
- Rates may stay elevated until data shows inflation is slowing down
