Housing market chills as mortgage rates, prices scare buyers
By KEN SWEET, MICHAEL CASEY and ALEX VEIGA
The Associated Press
NEW YORK (AP) — Rising mortgage rates have combined with already high home prices to discourage would-be buyers. Mortgage applications have declined sharply. Sales of previously occupied homes have fallen for five straight months, during what is generally the busiest time of year in real estate. All signals point toward the Federal Reserve continuing to raise interest rates to combat inflation, promising little relief for potential buyers at least for the rest of the year.
