Mortgage rates remained elevated for the eighth straight week, further straining affordability for many Americans already struggling with everyday expenses. The average rate for the 30-year, fixed-rate mortgage held steady at 7.4 percent, the highest in three years, according to Freddie Mac. With rates at 6.27 percent a year ago and overall inflation jumping to 3.7 percent in September, the affordability crunch is particularly hurting first-time buyers as more income is consumed by essentials.
Activity in the housing market is not likely to pick up until inflation eases, with some experts predicting a potential recovery by 2028.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing