Housing Market Faces Continued Affordability Crisis as Mortgage Rates Near 8%

The housing market in the United States is witnessing its most challenging phase in years, with mortgage rates inching toward 8% and prices soaring for three consecutive months. Data reveals that September experienced the lowest housing sales in 13 years. Affordability has plummeted, now requiring a 20% down payment and a monthly payment of $2,528 for a median-priced home, marking a 91% increase from two years ago, making housing the least affordable since 1984.