Mortgage Rates Hit 22-Year High, Squeezing Housing Market

Mortgage rates rose for the 4th straight week to highest level since 2000, pushing demand to lowest since 1996.

Home buying and refinancing demand dropped as rates increased across all mortgage products.

Purchase index fell 5.7% to lowest level since 1995 as buyer demand dried up.

Refinancing index dropped 6.6% as higher rates deterred refinancing.

Average 30-year fixed mortgage rate rose to 7.53%, up from 7.41% the prior week.