Mortgage Rates Hit 8% for First Time in Over 20 Years, Squeezing Housing Market

Mortgage rates have hit 8% for the first time since August 2000, worsening affordability issues for homebuyers.

Higher rates paired with high home prices have made buying unaffordable for more families.

In a dozen states, median-income families cannot afford a mortgage due to high prices.

Rising rates have led to drops in mortgage applications and home sales.

Housing groups have urged the Fed and Treasury to take steps to lower mortgage rates.