For the first time in more than two years, the average American mortgage rate has crossed above 7 percent — a threshold that carries meaning beyond arithmetic, reshaping what families can afford and whether they dare to enter the housing market at all. The breach reflects deeper forces: persistent inflation, Federal Reserve policy, and an economy still working through the long unwinding of an era of historically low borrowing costs. What is at stake is not merely a number on a rate sheet, but the dream of homeownership for millions of middle-income buyers who now find themselves priced out of
Mortgage rates breach 7% for first time in over two years
Homebuyers face reduced purchasing power and affordability challenges as mortgage costs rise significantly.