Homeownership Costs Surge as Mortgage Rates Reach 7-Month High.

Mortgage rates in the US have risen to their highest level in seven months, with the average rate on a 30-year mortgage now at 6.91%. The increase is largely due to the Federal Reserve's efforts to tame inflation, which has yet to reach its 2% target. Rising mortgage rates, coupled with increasing home prices, are making homeownership more expensive. The number of homes available for sale remains tight, with a current shortfall of about 6.5 million homes in the US. Despite these challenges, homeownership across the US is on the rise, including for people with modest incomes.