30-Year Mortgage Rates Surge Closer to 8 Percent as Existing Home Sales Plunge

30-year fixed mortgages inch closers to 8 percent this week.

A construction worker carries materials as he works on a home under construction at a housing development in Petaluma, Calif., on March 23, 2022. Justin Sullivan/Getty Images

The interest rate on an average 30-year fixed-rate mortgage rose closer to 8 percent this week, while existing U.S. home sales plunged, according to recent data.

Millions of potential American homebuyers have been pushed out of the market because of a combination of higher borrowing rates and the costs of housing.