Mortgage Rates Surge, Homes Stay Out of Reach | Charleston News

Mortgage rates just hit a six-year high at 6.71%, making home buying tougher than ever—your monthly payment soars, shrinking what you can afford. Prices stay stubbornly high while homeowners locked in from past low-rate deals refuse to sell, deepening the market’s stall. Now, with most households earning far less than the $110K needed for average homes, and the Fed poised to hike rates again to battle inflation, affordability is stuck in reverse. Even as Congress pushes housing reforms to boost supply, real relief won’t arrive for years. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/3e625694a1558b62