Mortgage Rates Hit 7.49%, Squeezing Housing Market as Buyer Demand Drops

Mortgage rates rose again this week, hitting 7.49% for a 30-year fixed and contributing to falling housing demand.

The higher rates are due to factors like inflation, the job market, and uncertainty around the Fed's next moves.

Home purchase applications fell 6% to a nearly 3-decade low as affordability decreases.

Home prices remain high due to low inventory, as homeowners with lower rates stay put.

There are some signs of improvement like an increase in homes with reduced asking prices, but overall conditions remain challenging for buyers.