Mortgage rates in the United States have surpassed 7% for the first time in over two years, with the 30-year fixed mortgage rate climbing to as high as 7.45%. This surge comes amid rising affordability pressures, leading to a deeper housing affordability crisis. Nearly 10% of borrowers opted for riskier mortgage options last week as buyers face escalating costs and fewer choices. The increase in mortgage rates is pushing potential homebuyers towards renting or considering cash deals, further freezing an already sluggish housing market. As analysts predict rates could climb even higher, many are left wondering how the situation will evolve.