Housing is even more unaffordable than it was at the peak prior to the 2008 crisis, as mortgage rates touch 23-year highs

• The housing market is even more unaffordable than it was prior to the 2008 mortgage crisis.
• The Atlanta Fed's home affordability measure dropped to 69.5, even lower than its level in 2006.
• Meanwhile, the average 30-year fixed mortgage rate rose to 7.48%, blowing past a two-decade high.

The housing market is so unaffordable, that conditions are even worse than they were at the peak of the housing bubble that preceded the subprime mortgage crisis, according to the Atlanta Federal Reserve.

The Atlanta Fed's Home Ownership Affordability Monitor dropped to 69.5 in June from 70.1 in May. While the index was below 69 last September and October, the latest reading still is lower than in 2006 when housing affordability troughed at 71.5 in July of that year.