Mortgages Stuck Around 7% Force Rapid Rethink of American Dream
Rates have defied expectations to come down, upending major life plans in the process.
A renter who hoped to buy a home has resigned himself to rent forever. A first-time buyer who had hoped to refinance a 7% mortgage is pulling back spending everywhere else to keep up. And a young couple is making a painful tradeoff for their family.
As interest rates in the US remain higher for longer, the American Dream of affordable homeownership is unattainable for longer — and maybe for good.