U.S. Mortgage Rates Climb, Pricing Many Out of High-Cost Housing Markets

Despite hopes for relief, mortgage rates remain high, impacting affordability across the nation.

The average 30-year mortgage rate rose to 6.59% in October, increasing monthly payments for buyers.
A $4,000 monthly mortgage requires a $14,285 monthly income, pricing many families out of expensive areas.
Median home prices remained steady, but higher rates mean increased costs for potential homebuyers.
California cities like San Jose have the highest average mortgage payments, exceeding $7,000 monthly.
Prospective buyers are advised to explore assistance programs and consider smaller or fixer-upper homes.