"Spring Homebuying Slows as Mortgage Rates Surge Past 7%"

Mortgage rates in the US have surged past 7%, reaching the highest level since November, as the 30-year fixed-rate mortgage averaged 7.10% in the week ending April 18. This surge is attributed to expectations that the Federal Reserve won't cut interest rates soon, with persistently high inflation readings keeping the Fed on hold. As a result, potential homebuyers are facing a tough housing market, with US home sales declining sharply in March. The housing affordability crisis is exacerbated by not only high mortgage rates but also elevated home prices nationwide, making it a challenging decision for prospective buyers.