Mortgage rates are nearing 7%. One house hunter says he's "despondent."

TL;DR

Mortgage rates are nearing 7%, the highest since January 2025, significantly impacting home affordability.
The rise in rates is attributed to inflation fueled by the Iran war, bond market volatility, and geopolitical tensions.
Buyers face higher costs, while sellers contend with fewer offers, leading to price cuts or homes being removed from the market.
The 10-year Treasury note's yield, closely linked to mortgage rates, has reached its highest level since 2007.
The Federal Reserve's recent interest rate hike and potential future increases also influence borrowing costs.
Existing home sales have fallen for four consecutive months, indicating a slowdown in the housing market.
Despite earning more than double the median household income, some buyers struggle to find affordable homes due to high prices and competition.

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