US Mortgage Rates Hit 22-Year High of 7.5%, Squeezing Housing Market

US mortgage rates have risen to highest level in over 22 years, now averaging 7.5% for a 30-year loan.

Rise in rates attributed to Federal Reserve interest rate hikes aimed at fighting inflation and avoiding recession.

Increase marks first time rates have been this high since year 2000.

Compared to a year ago, rates are up nearly 1% from 6.6% in September 2021.

Mortgage applications down 22% from last year, reaching lowest levels since 1996 due to unaffordability.