Mortgage rates surge, exacerbating housing affordability crisis

Mortgage rates in the US have continued to rise, exacerbating the ongoing home affordability crisis and putting pressure on the cooling housing market. The average rate for a 30-year fixed mortgage increased to 7.63%, while the rate for a 15-year mortgage climbed to 6.92%. Home prices remain high due to a lack of supply, and existing home sales have fallen for the sixth consecutive month. With mortgage rates expected to rise further, borrowers are advised to explore options with multiple lenders and inquire about down payment assistance.