"Housing Market Struggles as Mortgage Rates Surge Past 7%"

Mortgage rates have risen to 7%, causing a freeze in the housing market as buyers continue to strike due to high prices. The slight increase in rates led to a plunge in mortgage applications, with purchases down by 10% and refinancing down by 11%. The hope for lower rates is further stalling the market, while inflation shows no signs of abating. Homebuilders have managed to maintain sales by cutting prices and buying down mortgage rates, but existing home sales have collapsed, leading to a double top in national median prices.