The highest mortgage rates in more than two decades are keeping many prospective homebuyers out of the market and discouraging homeowners who locked in ultra-low rates from listing their home for sale. The combination of elevated rates and low home inventory has worsened the affordability crunch, especially for first-time buyers and threatens to extend the nation's home sales slump. Mike Miedler, CEO of real estate brokerage franchisor Century 21, recently spoke to The Associated Press about the challenges homebuyers face.

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