"Rising Mortgage Rates Pose Affordability Challenges for Homebuyers"

Mortgage rates have risen again, reaching an average of 6.69% for a 30-year fixed mortgage, contributing to the ongoing affordability crisis in the housing market as home prices continue to climb. Despite the increase, there has been a recent uptick in purchase activity, but the shortage of existing homes on the market is expected to persist, potentially slowing down the housing market in 2024.