Home sales have plummeted to their lowest in 13 years as 8% mortgage rates batter the housing market

• Existing home sales slid 15% year-over-year in September, according to NAR data. 
• Sales are the lowest in 13 years as high mortgage rates take a toll on the US housing market. 
• The rate on the 30-year fixed mortgage notched 8% this week, per Mortgage News Daily.

Home sales plummeted to the lowest level in 13 years last month, according to the National Association of Realtors.  

Existing home sales slid 15% over the past year, slumping to a seasonally adjusted annual rate of 3.96 million in September, the NAR reported on Thursday. That's lowest number of existing home sales recorded since 2010, pointing to the tightness of the current housing market.