U.S. homes reportedly least affordable on record, with mortgage rates above 7% in mid-September

A post says 30-year mortgage rates hit 7.24% in mid-September and a $500,000 loan's monthly payment rose about $400 to roughly $3,400. Citing the Atlanta Fed, it says affording a median-priced home takes over $120,000 in income, more than the typical household earns. It also says home sales fell to a 31-year low. Another user predicts interest rates will fall when inflation drops below 2.5%, with mortgage rates following.