High mortgage rates and prices leave homebuyers trapped
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When Rachel Burress moved into her mother's house a decade ago, she intended it to be a short-term arrangement before she bought her own home. Now 35, the hairdresser has spent years improving her credit score and saving for a down payment. But with mortgage rates hovering around 7 percent and home prices skyrocketing, it seems unlikely the mother of three will secure her own home any time soon.
“I don’t even know if I’ll ever be able to get out and have my own place,” said Burress, who lives in Aledo, Texas, about 20 miles from Fort Worth. “It feels like we’re stuck, and it’s so hard to deal with.”
Burress's plight echoes that of many Americans whose financial plans have been hampered by high home prices and borrowing costs. This struggle contributes to wides...