Last week, US mortgage rates topped 7.5%, the most since mid-August, and applications for home purchases tumbled to a multi-decade low. This illustrates the battered housing market, caused by aggressive interest-rate hikes by the Federal Reserve, soaring bond yields, and rising mortgage rates and home prices. This has created one of the most unaffordable housing markets on record. The Federal Reserve is likely to keep interest rates elevated for the foreseeable future to tame inflation.
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