Wondering why low mortgage rates haven’t goosed the housing market? Here’s the answer 

You can’t get a mortgage if you don’t have enough income to cover the payments. American household income fell in May, even with the unemployment rate at the lowest level in almost 50 years. Stagnant or even falling wages are making it tougher for Americans to buy homes as prices continue to rise, said Robert Dietz, chief economist for the National Association of Home Builders. That explains why cheap rates haven’t goosed the housing market, he said.