Next News Network

Homeowners are grappling with a growing crisis as mortgage rates hit an alarming high. The cost of home borrowing has reached a peak not seen in years, throwing a wrench in the American Dream for many families. Reports from Freddie Mac indicate a rise to 6.81% for a 30-year fixed-rate mortgage, a significant leap from last year’s 5.30%. This trend, fueled by escalating property prices and inflationary pressures, is pushing the housing market into precarious territory. Financial insecurity looms as families struggle with increased monthly payments, and experts warn that these conditions could persist. Calls for urgent action to stabilize the housing market and support those affected are growing.