Housing Market Chills as Mortgage Rates, Prices Scare Buyers

Housing Market Chills as Mortgage Rates, Prices Scare Buyers
Kyle Tomcak sits in front of his house in Aurora, Colo., on July 18, 2022. Thomas Peipert/AP Photo
The Associated Press
Updated:

It’s the summer that cooled off the housing market.

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.