Mortgage rates have reached their highest point since November 2000, with the average Rate on a 30-year fixed mortgage hitting 7.48%. This increase is driven by concerns among investors that high interest rates and inflation will persist longer than expected. The Federal Reserve is waiting for further deterioration in economic data before considering a policy shift, which would likely favor short-term rates initially. Higher rates are impacting potential homebuyers, who are already dealing with inflated home prices caused by the pandemic. Current homeowners are reluctant to sell due to their low mortgage rates, exacerbating the supply shortage.

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