A home available for sale is shown on May 22, 2024 in Austin, Texas. Brandon Bell | Getty Images When Rachel Burress moved into her mother's house around a decade ago, it seemed like a short-term stop on the path to homeownership. The 35-year-old hairdresser spent those years improving her credit score and saving for a down payment.
But with mortgage rates hovering near 7% and home prices skyrocketing, it doesn't feel like the mother of three will be signing on the dotted line for a place of her own anytime soon. "I don't even know if I'll ever get out and own my own home," said Burress, who lives about 20 miles outside of Fort Worth, Texas, in a town called Aledo. "It feels like we are just stuck, and it is so hard to handle.
" Burress' experience is reflective of the millions of Americans who've seen their financial and personal lives hindered by elevated price tags and high borrowing costs for homes. This can help to explain the sour sentiment about the state of the national economy. It also sheds light on an existential anxiety for many: The American dream seems to be even more out of reach these days.
A double whammy For aspiring homebuyers such as Burress, the combination of high mortgage rates and rising list prices has left them feeling boxed out. The 30-year mortgage rate, a popular option for home financing in the U.S.
, has bounced around 7% for the past several months. It pulled back after hitting 8% for the first time since 2000 late last year. But that's still a b.