Mortgage rates surge, causing affordability concerns.

Mortgage rates have risen for the first time in over a month, with the average rate for a 30-year fixed-rate mortgage increasing to 6.39%. The lack of available housing may be tied to the lock-in effect, which suggests that people who took out mortgages amid historically low interest rates at the start of the pandemic may be hesitant to list their homes. Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for potential homebuyers.