Housing Market Turmoil: Rising Mortgage Rates Lock Buyers Out

Homebuyers are feeling locked out of the housing market as prices continue to soar and mortgage interest rates reach new highs. Many prospective buyers are compromising on their preferences and increasing their budgets, but still struggle to find affordable homes in desirable areas. The limited supply of homes for sale is exacerbating the situation, with few homeowners willing to sell despite the favorable market conditions. Realtors and experts warn that the supply needs to double to moderate price increases. While prices may eventually stabilize, a significant decrease is unlikely, especially with mortgage rates remaining high.