Americans are still struggling with high mortgage costs despite the Federal Reserve's efforts to cut lending rates, writes John Waggoner for USA Today.

While the Fed has edged down overnight federal funds by more than three per cent in the past year, long-term mortgage rates have "barely budged".

In fact, they have risen in recent weeks. A 30-year fixed-rate mortgage now averages 6.52 per cent, compared with 6.17 per cent at the start of the year.

A key reason why rates are so high is that both Fannie Mae and Freddie Mac are taking on fewer mortgages.

"The mortgage giants were major buyers in mortgage markets and lower demand has pushed yields higher," wrote Mr Waggoner.

A recent NFCC-MSN Money Financial Literacy Survey revealed that one in ten homeowners have missed or been late with a mortgage payment in the past 12 months, reports the Hattiesburg American.

Americans, who face high gasoline, food and mortgage costs, may need to consider debt management plans in the imminent future.

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