U.S. home sales slumped in October to slowest pace in more than 16 years as mortgage rates surged
Sales of previously occupied U.S. homes slumped in October to their slowest pace in more than 16 years as mortgage rates climbed sharply, ratcheting up borrowing costs for aspiring homebuyers.
TL;DR
- U.S. home sales dropped in October to their slowest pace in over 16 years.
- Sharp increases in mortgage rates significantly impacted sales.
- Higher borrowing costs are affecting aspiring homebuyers.