"Homebuyers Face Uphill Battle as Mortgage Rates Soar Amid Inflation and Housing Costs"

Mortgage rates have surged past 7% as inflation remains higher than expected, dimming hopes of a rate cut by the Federal Reserve. Homebuyers are retreating from the market, with mortgage applications dropping and renting becoming a more affordable option than buying in most major metros. The cost of both owning and renting has been increasing, posing challenges for potential homebuyers.