Buying a starter home is 60% more expensive than renting in most major cities, report shows

Renters hoping to buy a house may be better off renting for longer, as the housing market remains frozen by elevated mortgage rates and prices.

Aspiring homeowners were dealt another blow in August, as both rates and home prices showed no signs of cooling. With mortgage rates trending upwards on the back of a decision by the U.S. Federal Reserve to leave interest rates unchanged for now, buyers continue to face high borrowing costs when purchasing a home. The 30-year mortgage rate was at 7.19% as of Thursday, and real-estate…