PERSON OF THE WEEK: Mortgage interest rates continued to rise this past week, with the average rate for a 30-year fixed-rate mortgage climbing to 5.54%, up from 5.51% the previous week and up significantly from 2.78% a year earlier, according to Freddie Mac.
Meanwhile, home prices have increased more than 20% on average during the past year, raising affordability concerns as more potential homebuyers get priced out of the market.
The result? Sluggish home sales