Surging Mortgage Rates Hit Homebuyers Hard.

Mortgage rates continue to climb, putting pressure on homebuyers across the country. The average rate for a 30-year fixed mortgage has reached levels not seen since the early 2000s, leading to higher monthly payments and reducing affordability for many prospective buyers. This surge is partly driven by the Federal Reserve’s ongoing efforts to combat inflation. As a result, some buyers are being priced out of the market, while others are opting for adjustable-rate mortgages or seeking homes in less expensive areas. The trend is expected to continue, further impacting housing market dynamics.