Mortgage Rates Spike to 23-Year High, Threatening to Chill Spring Homebuying Season

• Mortgage rates have spiked to 23-year highs, with 30-year fixed rates reaching 7.44% and 15-year rates hitting 6.85% • The increases come as the critical homebuying season is getting underway, threatening to chill sales • Median monthly housing payments hit a record $2,747 in April, up 11% from a year ago • Inflation rose faster than expected in March, meaning rates likely to stay high as Fed keeps interest rates up • Higher rates could make homes unaffordable for many buyers, potentially leading to a drop in demand and sale prices