Mortgage Rates Top 7% for First Time in 20 Years, Squeezing Homebuyers

Mortgage rates climbed above 7% for the first time in over 20 years, dampening homebuyer demand according to Freddie Mac.

Higher rates are attributable to rising inflation, a strong job market, and uncertainty around the Fed's next moves.

Buyers struggle with limited inventory and affordability as mortgage payments have increased 122% in 3 years.

Home prices remain high, up 42% since March 2020, though monthly gains may taper off with slower demand.

Homebuyers can still find deals by shopping and comparing mortgage rates, as shopping around won't hurt your credit.