Mortgage Rates Hit 22-Year High, Sending Home Sales Plummeting as Buyers Balk at Rising Costs

Mortgage rates climbed to highest level since 2000, causing demand to plummet to 28-year low.

High rates make homes less affordable, discouraging buyers and limiting how much they can spend.

Lack of housing inventory also weighs on home sales, which are down 22% this year.

In response, more buyers are turning to adjustable-rate mortgages to get lower initial rates.

With high rates, many sellers have slashed asking prices or sold at a loss, especially in expensive markets like San Francisco.