High Mortgage Rates Continue to Strain Homebuyers
- Mortgage rates remain elevated near 8%, prolonging home affordability crisis
- Rate on 30-year loan dipped to 7.76%, but still near highest since 2000
- Buyers face low inventory, high prices and multi-decade high rates
- Fed's aggressive rate hikes over past year pushed rates significantly higher
- Home supply down 45% from pre-pandemic levels as sellers reluctant to give up low rates