"Homebuyers Face High Costs as Mortgage Rates Hit 7% Amid Delayed Fed Rate Cuts"

The Federal Reserve's delay in cutting interest rates due to persistent inflation and strong economic data is expected to keep mortgage rates high, prolonging the affordability crisis in the housing market. With mortgage rates hovering around 6-7%, homebuyers are facing higher monthly payments, and the median monthly home payment in the U.S. has hit an all-time high. The delay in rate cuts is likely to keep housing costs elevated, making it challenging for buyers to afford homes, with six-figure incomes required in nearly half the states to afford a typical home.