As Mortgage Rates Climb, A Hot Housing Market Cools

Higher mortgage rates are putting a damper on the U.S. housing market. Home prices are down and sales of existing homes have now fallen for seven months in a row.

The ripples in the housing market are being felt as the Federal Reserve has been raising interest rates to fight inflation. And those higher borrowing costs mean that monthly mortgage payments have shot up.

We hear from would-be buyers who say that soaring mortgage rates are pushing them out of the market. And we talk to NPR's Chris Arnold about how the Fed's moves are affecting buyers and sellers.

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