Mortgage Rates Hit 22-Year High as Housing Market Slows Sharply Amid High Prices and Rising Rates

US mortgage rates last week topped 7.5% for the first time since November 2000.

Applications for home purchases tumbled to a multi-decade low, showing a battered housing market.

Higher mortgage rates and high home prices are making housing very unaffordable.

The Fed will likely keep interest rates high to fight inflation.

Mortgage applications overall fell to their lowest since 1996 due to high rates.