Mortgage Rates Hit 20-Year High as Buyers Struggle with Limited Inventory and Rising Prices

Mortgage rates jumped to 7.57% this week, the highest level since December 2000 and the 9th straight week above 7%.

High rates are the top concern for buyers, surpassing home prices for the first time. 83% believe rates will stay high or go higher.

Limited inventory also plagues buyers. Homeowners don't want to sell and buy with high rates.

Inflation rose 0.4% in September, keeping rates elevated. Robust job growth supports higher rates, to buyers' dismay.

The odds of rates hitting 8% are rising as employment stays strong amid rising rates.