Mortgage rates surged, hitting their highest levels in over two decades, intensifying the struggle for prospective buyers to attain homeownership. Freddie Mac reported a 30-year fixed-rate home loan average of 7.09%, the highest since April 2002. This surge, following the Federal Reserve's aggressive interest rate hikes to combat inflation, has doubled rates in two years, raising the cost of an average home loan. Consequently, monthly payments for a $350,000 home with 20% down payment surged to $1,880, compared to $1,159 in 2021. This unsettling trend is dampening home sales and exacerbating housing supply shortages, as higher rates deter sellers from listing their homes. The ongoing housing affordability crisis demands a close watch on market developments.