Potential homebuyers are struggling to qualify for mortgages as interest rates rise.
The average rate on a 30-year mortgage was 5.55% last week, almost doubling over the past year.
When rates were 2.87% a year ago, buyers worried that home prices were too high.
Analysts warned that mortgage rates would increase, driving potential buyers from the market.
That would sink prices.
This sounded like good news for some buyers.
But it hasn’t worked out that way.
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