On Monday, the average rate on a 30-year fixed mortgage climbed to 7.17%, its highest level in nearly two years, after the 10-year Treasury yield rose to 5.04%, the highest reading since July 2007. This rate increase, up from 6.43% just ten weeks ago, adds nearly $2,200 per year to a $400,000 mortgage, pushing many middle-class buyers past qualification limits. Active listings surged to 1.53 million, while active buyers hit near-record lows, resulting in 57.9% more sellers than buyers across 36 major U.S. metros.