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Piero Cingari

US Housing Market Faces Affordability Crisis Amid Skyrocketing Mortgage Rates

United States Housing Market MICHAEL SILUK Freddie Mac UCG Universal Images Group

Wells Fargo Home Mortgage Company in Minnesota, Minneapolis. The housing market in the United States is currently experiencing its biggest affordability crisis in almost 40 years. MICHAEL SILUK/UCG/UNIVERSAL IMAGES GROUP/GETTY IMAGES

The U.S. housing market is grappling with its worst affordability crisis in nearly 40 years.

Mortgage rates have surged to a level unseen since April 2002, with the average rate for a 30-year fixed loan now standing at 7.09%, a significant rise from 6.96% just a week ago, as Freddie Mac reported in its latest Primary Mortgage Market Survey on Thursday.

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