Mortgage Rates Hit 22-Year High, Driving Down Home Buying Demand
- U.S. 30-year fixed mortgage rate last week jumped to highest since September 2000 at 7.9%
- Marks 7th straight weekly increase for mortgage rates
- Drives mortgage applications to 28-year low
- Higher mortgage rates keeping prospective homebuyers out of market
- Fed rate hikes since March have driven up borrowing costs even as Fed pauses hikes
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