Rising mortgage rates and high home prices are weakening demand, leaving many U.S. home sellers struggling to attract buyers.

Mortgage rates have climbed above 7%, making monthly payments more expensive and pushing many potential buyers to delay purchases. 

As homes remain on the market longer, sellers are increasingly cutting asking prices and offering concessions to encourage buyers to make deals.

The housing market is also being affected by the “lock-in effect,” as many homeowners with much lower mortgage rates are reluctant to sell and take on a new, more expensive loan, NBC News has reported.

The result is a market with fewer buyers, growing inventory in some areas and increasing pressure on sellers to lower prices or wait for borrowing costs to fall.