Is it a bad time to buy a home? Buyers say yes, data show.

With mortgage rates hitting new highs, many potential homebuyers are reconsidering their plans, leading to a noticeable slowdown in the housing market. Data reveals that fewer people are proceeding with home purchases amid these financial hurdles. This shift isn't just a temporary blip; it could signal a broader trend where high borrowing costs impact long-term housing demand and property prices. The implications for the broader economy are significant, as housing is a key driver of economic activity and consumer spending.