Mortgage rates are nearing 7%. One house hunter says he’s “despondent.”

Updated on: September 18, 2026 / 3:55 PM EDT / CBS News

Thomas Louis and his wife have tried everything to clinch a deal to buy a home: offering above the asking price, waiving inspections, and considering properties that tick some, but not all, of their boxes. Three years and 15 offers later, they're still looking.

This year's sharp rise in mortgage rates, which are now approaching 7%, has only made their search more difficult. Louis, 34, told CBS News he feels "despondent" about the long struggle to find an affordable home.

"It still seems like we're trying to climb out of a hole somebody else is digging," said the Asbury Park, New Jersey, resident, who co-owns a graphic design studio with his wife.

The average 30-year fixed-rate mortgage rate reached 6.95% on Thursday, according to Freddie Mac, up from 6.76% the previous week and the highest since January 2025. Rates have climbed for 11 consecutive weeks as the Iran war fuels inflation, driving volatility in the bond market and influencing borrowing costs.

The spike in rates has put both sides of the market in a bind. Buyers must contend with higher costs, while sellers find fewer takers, forcing them…

Original source: https://www.cbsnews.com/moneywatch/