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

US 30-year fixed mortgage rates have climbed to 8%, highest since 2000
Rates have steadily increased since May when they first crossed 6.5%
Rise reflects broader shifts in macroeconomic environment
Mortgage rates moving up as Fed raises interest rates to combat inflation
Higher loan costs squeezing housing market and affordability
Run-up creating financial stress around home ownership
Prolonged Fed hikes now impacting consumers via pricier debt
As rates hit 23-year highs, housing outlook remains challenged
Further Fed actions could place more pressure on mortgage affordability