Soaring mortgage rates take their toll on the US housing market as sales slump to a 13-year low

Wed, 11/22/2023 - 05:03

Sales of previously-owned homes dropped 4.1% between September and October, according to data from the National Association of Realtors.
Activity is now at a 13-year low as rising borrowing costs take their toll on the US housing market.
Mortgage rates have cleared 7.5% this year, driven higher by the Federal Reserve’s war on inflation.

The spike in mortgage rates dragged on the US housing market once again last month, as activity plunged to a 13-year low even as prices ticked up.