With housing market weakness, analysts are starting to examine how rising interest rates could further weaken the borrowers' ability to afford their homes.

In their weekly report, Countrywide Securities analysts noted that the increase in interest rates over the past three months have pushed affordability back to stressed levels. So they looked at various scenarios regarding affordability and housing demand to calculate the length of time for affordability to improve and allow the housing market to return to a more normal level.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.