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[ad_1] The typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards. That's the main takeaway from a new report  from real estate data provider ATTOM. Researchers examined the median home prices last year for roughly 575 U.S. counties and found that home prices in 99% of those areas are beyond the reach of the average income earner, who makes $71,214 a year, according to ATTOM.. Housing experts point to couple trends driving up housing costs. Mortgage rates have topped 7% , adding hundreds of dollars per month to a potential house payment. At the same time, homeowners who locked in at lower mortgage rates during the pandemic have opted not to sell out of fear of having to buy another property at today's elevated rates, depleting the supply of homes for sale.  "The only people who are selling right now are people who really need to move because of a life

[ad_1] House hunters may be in for sticker shock when it's time to get a home loan: The interest rate on a typical mortgage is now at its highest level since 2000. The Mortgage Bankers Association (MBA)  said Wednesday that the average rate on a conventional 30-year fixed-rate mortgage jumped to 7.31% last week, up from 7.16% the previous week.  Rates slid to well below 3% in 2020 as the housing market ground to a halt because of the pandemic, but began rising sharply the following year as the Federal Reserve launched its ongoing campaign to quash inflation. The spike in borrowing costs has driven many aspiring homebuyers out of the market: Mortgage applications are at a 28-year-low, according to the MBA. "Higher interest rates are continuing to impact homebuyers as their purchasing power has been greatly diminished by the doubling in mortgage rates over the past year and a half," Chris Zaccarelli, Chief Investment Officer for I