First-time buyers in the UK are facing dramatically higher monthly mortgage payments, which have surged by over 60% in the past five years, outpacing wage growth due to elevated interest rates. The Bank of England maintains a high base rate of 5.25%, significantly impacting affordability for new homeowners. Some major lenders, like HSBC, NatWest, and Barclays, are cutting rates slightly to attract more business, but overall rates remain elevated. In the U.S., mortgage rates remain high, with the average 30-year fixed-rate mortgage hovering around 7%, and the Federal Reserve delaying interest rate cuts due to persistent inflation. Independent mortgage banks (IMBs) are struggling with high post-pandemic interest rates, despite technological advances. Both Australia and Canada have seen recent inflation surges, adding to concerns over future interest rate hikes.