"Rising Inflation Impacts Mortgage Rates: What Homebuyers Need to Know"
Mortgage rates in the US have risen to 6.88%, up from 6.82% the previous week, and could potentially surpass 7% due to sustained inflation and the Federal Reserve's monetary policy. The increase in rates is a sign that the country's affordability crisis persists, with supply not keeping up with demand in the housing market. Despite recent improvements and potential future rate cuts by the Fed, the main issue remains the lack of housing supply, making home purchases unattainable for many Americans.