How rapidly rising mortgage rates are squeezing prospective homebuyers
Phillip Spears/Getty Images(NEW YORK) -- For Emily and Michael Brown, the Federal Reserve's rate hikes hit close to home. The Browns had been renting a two-bedroom apartment in Washington, D.C., when their now-6-month-old daughter was born. Eager to upgrade to a bigger space, the couple wanted to put their savings to use buying their first home. But as they looked for a place to live this year -- and watched mortgage rates, and their potential monthly payments, steadily climb -- the couple lowered their budget from $500,000 to $400,000 and decided to put an offer on a home farther away fr...