"US Mortgage Rates Surge to 23-Year High, Goldman Sachs Predicts Further Increase"

US mortgage rates have reached their highest level since 2000, with rates topping 7.5% last week. This has contributed to a decline in applications for home purchases, which fell to a multi-decade low. The housing market is facing challenges due to higher mortgage rates, elevated home prices, and limited supply. The Federal Reserve's aggressive interest rate hikes and expectations of a resilient economy have led to rising borrowing costs. With the Fed indicating that interest rates will remain elevated, the housing market is expected to continue facing affordability issues.