Sky-high mortgage rates and a construction slowdown could push record rents and home prices even higher, further threatening housing affordability for millions of Americans. Economists say that rising mortgage rates should cool down the housing market’s red-hot price appreciation in the short term but are also likely to drive up rents. New construction of houses and apartments is waning, suggesting that the nation’s meager housing supply won’t improve any time soon. “It’s a perfect storm right now,” said Jerry Konter, a Savannah, Ga., residential property builder who chairs the National Association of Home Builders. “I don’t think I’ve ever seen this many red flags at one time in
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