Record-High US Mortgage Rates Reach 22-Year Peak at 7.23%

US mortgage rates have reached a 22-year high, with the 30-year fixed-rate mortgage averaging 7.23% in the week ending August 24. The surge in rates is due to indications of ongoing economic strength and the Federal Reserve's inflation-curbing campaign. The combination of high mortgage rates and rising home prices has made buying a home more expensive and has led to a decline in overall home sales. The Fed's actions influence mortgage rates, and higher borrowing costs are expected to continue in the near term. This has resulted in a significant affordability challenge for buyers and a decrease in mortgage applications.