The average 30-year fixed-rate mortgage has climbed to 7.4 percent, the highest level in three years, further straining housing affordability across the United States. The surge in borrowing costs is deterring prospective buyers and slowing home sales, as more Americans find it increasingly difficult to qualify for loans. Lenders report declining applications, while real estate agents note a drop in showings and offers.
The trend reflects broader economic pressures, including persistent inflation and central bank rate hikes, which continue to ripple through the housing sector.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing