Buying a home in the United States is becoming increasingly challenging as US mortgage rates continue to climb, pushing monthly loan repayments higher and adding fresh pressure on an already sluggish housing market.
The average rate on a 30-year fixed mortgage, the most widely used home loan in the US, has now risen for the fifth consecutive week, reaching its highest level in more than a year. The latest increase is expected to make homeownership less affordable for many first-time buyers and families looking to upgrade.
