Americans looking to purchase a home continue to face elevated borrowing costs and home prices as the housing market moves into the fall.

Freddie Mac reported that the average rate on a 30-year fixed mortgage reached 7.03 percent for the week ending September 24. That is up from 6.95 percent one week earlier and 6.66 percent on August 27.

Home prices are also continuing to rise nationally.

The National Association of REALTORS reported the median existing-home sales price reached $429,100 in August, an increase of 1.6 percent from $422,400 one year earlier. It marked the 38th consecutive month of year-over-year increases in existing-home prices.

Existing-home sales declined 2 percent from July and 1.2 percent from August 2025. At the same time, the number of homes available for sale increased. NAR reported 1.62 million existing homes were on the market in August, up 5.9 percent from a year earlier and representing a 4.9-month supply.

Ohio is seeing some of the same pressures.

Ohio REALTORS reported 11,718 home sales statewide during August, down 4.2 percent from the same month in 2025. Active listings increased 1.9 percent year over year to 39,168. Ohio had approximately 3.67 months of housing supply at the end of August.

Housing affordability is affected by more than mortgage rates alone.

The Harvard Joint Center for Housing Studies said in its 2026 State of the Nation’s Housing report that high home prices and interest rates continue to keep housing costs near record levels for many prospective buyers. The center reported that existing-home prices nationwide were about 54 percent higher than in 2020 and remained near five times median household incomes.

Housing supply is another part of the affordability equation. Urban Institute research says zoning and land-use rules can affect where and how much housing can be built. Researchers have found that allowing greater density can increase the potential housing supply, although the amount of actual new construction resulting from zoning changes varies by market and other economic conditions.

The supply of lower-priced starter homes has also declined. Urban Institute researchers reported that homes priced below $200,000 accounted for 39 percent of active listings nationally in 2016, compared with just 13 percent in 2025. Researchers pointed to construction and financing costs, along with some zoning requirements, as factors making smaller and less expensive homes more difficult to build.

The latest figures show that while buyers have somewhat more inventory to choose from, higher borrowing costs and continued price growth remain significant obstacles for households trying to purchase a home.