Higher mortgage rates scuttle some sales

By Diana Olick | CNBC

A sharp rise in mortgage interest rates after the presidential election is starting to hit home — home sales.

The average contract rate on the popular 30-year fixed loan hit the highest level in more than a year on Friday and shows no sign of turning on its heels.

Buyers went from the prospect of 3.5 percent to 4.125 percent in barely a week.

For those with more of a financial cushion, the increase in monthly payments is just frustrating; for those on the edge of ownership, it can mean no deal.

Continued:

Related: Mortgage Rates Hold Steady at 17-Month Highs

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