Danielle Hale

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US existing-home sales fall to 16-year low as mortgage rates stay high

Active; says rates have eased but face a floor

US existing-home sales fell to a seasonally adjusted annual rate of 3.75 million in October, the lowest since August 2010. Sales dropped 5.5% from September and 8.8% from a year earlier as 30-year mortgage rates held above 7%.

Updated 1 hour ago

Notable Quotes

“Fortunately, the 10-year Treasury yield has pulled back from its early October highs, which has helped nudge mortgage rates below this recent peak.”

from US existing-home sales fall to 16-year low as mortgage rates stay high · Updated 1 hour ago

“However, several factors are likely to put a floor under how low rates can go.”

from US existing-home sales fall to 16-year low as mortgage rates stay high · Updated 1 hour ago