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With both home prices and mortgage rates climbing since earlier this year, affording a home has become harder, according to a housing affordability index.

Mortgage rates are high, home prices at record levels and consumers stressed. These are all contributing to a drop in existing home sales and builder sentiment.

Mortgage rates moved higher last week, causing buyers to pull back, but refinancing did see small gains.

While the legislation is aimed at least partly at addressing affordability, experts say the benefits of the measure will take time to show up in the market.

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Trump says he won't sign housing bill, which would become law automatically

Home sales dropped in June month over month as mortgage rates remain stubbornly high. Prices hit an all-time high.

Mortgage rates barely moved last week and haven't moved much in more than a month. That is resulting in lackluster mortgage demand.

Agents who reported at least one price cut to active listings dropped dramatically from prior surveys.