U.S. mortgage rates are inching closer to 8%, a two-decade high, making homeownership increasingly out of reach for many Americans. The Federal Reserve's aggressive tightening campaign against inflation is causing upward pressure on market rates, making existing home sales slump further and potential first-time borrowers hesitant. Lawrence Yun, chief economist at the National Association of Realtors, believes mortgage rates could go higher than 8%, but also that the current high may be the peak before it retreats. In contrast, mortgage rates averaged 16.63% in the past. Perry Johnson, a Republican presidential candidate, filed a complaint with the
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