Mortgage rates have pushed back above 7%, making the price tag on a house only part of the affordability problem. Freddie Mac reported a 7.28% average for a 30-year fixed mortgage on October 1, up from 7.03% the previous week.
That does not automatically put homeownership out of reach. It does mean buyers need to approach the purchase differently. A slightly cheaper house, a carefully chosen loan structure, or a better rate from another lender can change the monthly math without requiring some heroic financial gymnastics.
