Mortgage Rates Breach 7% Threshold: Housing Affordability Crisis Persists #

Mortgage rates have surged, surpassing the significant 7% threshold and prolonging the housing affordability crisis in the United States. According to recent data released by Freddie Mac, the 30-year fixed-rate mortgage reached an average of 7.10% in the week ending April 18. This represents a notable increase from the previous week’s average of 6.88% and last year’s average of 6.39%. The breach of the 7% threshold adds to the challenges faced by the US housing market during the crucial spring homebuying season. Prospective homebuyers must now decide whether to purchase before rates rise further or wait for potential decreases later in the year.