u.s. mortgage rates surged this week, rising to their highest level in 21 years. the 30-year fixed rate mortgage averaged 7.09% on thursday, up almost a whole percentage point since last year. that's the highest it has been since april 2002, when it was 7.13%. nath nath nathaniel myerson joining us from new york. what's going on in the housing market? >> it's a really tough time for families to buy a house right now. the federal reserve has been raising interest rates. that's led mortgage rates to spike. so housing affordability is at its lowest level in years.