Homeownership remains a challenge as average mortgage rates hover north of 7%, home prices refuse to ease and an inventory shortage locks out buyers.Following his inauguration on Jan. 20, President Donald Trump signed an executive order on the cost-of-living crisis to pursue action to "lower the cost of housing and expand housing supply.

It's the first time since May 2024 that 30-year mortgage rates have hit that mark. High rates are adding to the affordability challenges many Americans are facing.

Mortgage rates have more than doubled from recent lows in 2021. They're not poised to fall much any time soon, economists said.

Mortgage rates declined this week, with the 30-year fixed rate averaging 7.06 percent, according to Bankrate’s latest lender survey. Still, since the Federal Reserve began cutting interest rates in September,

Mortgage rates are back above 7%, and that’s slowing an already sluggish housing market with potential buyers choosing to wait on the sidelines to start the year. Home sales have stalled in January, down 10% in the most recent week compared to a year ago,