Homebuyers aren’t buying and homebuilders aren’t building in the face of untamed mortgage rates

U.S. mortgage rates crept up once again this week as demand for home loans tumbled, according to a pair of widely followed reports.

Buyers and sellers are increasingly on edge as the average 30-year fixed mortgage rate — now more than double what it was at the beginning of the year — inches closer to 7%.

Homebuilders, too, are losing confidence in the…