Learn English: Mortgage Rates Rise, Housing Market Slows (hard)

Mortgage rates have been climbing steadily for six weeks, leading to a significant drop in demand for houses.

The average rate for a 30-year fixed mortgage is now 6.79%, up from 6.72% last week.

Many potential buyers are waiting to see if rates will fall further before making a purchase.

This decrease in demand has created a stagnant housing market, with both buyers and sellers hesitant to make a move.