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A construction worker carries materials as he works on a home under construction at a housing development in Petaluma, Calif., on March 23, 2022. Justin Sullivan/Getty Images
The interest rate on an average 30-year fixed-rate mortgage rose closer to 8 percent this week, while existing U.S. home sales plunged, according to recent data.
Millions of potential American homebuyers have been pushed out of the market because of a combination of higher borrowing rates and the costs of housing.
