US Mortgage Rates Surge to 7% Amid Housing Affordability Crisis

Mortgage rates have risen for the third consecutive week, reaching 6.90%, as the market reacts to indications from the Federal Reserve that it will not cut its benchmark rate until later this year. The increase in rates is causing concern for homebuyers, with mortgage applications dropping and potential buyers holding back. The housing market, which typically sees a rise in new listings at this time of year, may be impacted by the recent increase in mortgage rates, potentially disrupting the plans of many buyers.