From Startup Fortune · · 1m 10s
US home sales drop to 2010 low as mortgage rates hit 7%
US home sales fall to lowest level since 2010 as mortgage rates top 7%.
In brief
US home sales fall to lowest level since 2010 as mortgage rates top 7%. US existing home sales dropped to 3.75 million in October, the slowest pace since August 2010, as mortgage rates reached 7.33%. Originally reported by Startup Fortune.
US home sales drop
US existing home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million.
Mortgage rates rise
The average 30-year fixed mortgage rate reached 7.33% in October, up from 6.86% in September.
Sales slowest since 2010
Existing home sales are the slowest pace since August 2010 and 8.8% below a year earlier.
Regional sales drop
Sales fell from September in the Midwest, South and West and held steady in the Northeast.
Prices barely rise
The median existing-home price was $416,700, up just 0.4% from a year ago.
Mortgage rates impact
Mortgage lenders live off origination volume, and a 3.75 million pace is thin for the industry.
Next data point
The December Fed meeting is the next data point worth watching for mortgage rates.
Here's the gist
US existing home sales dropped to 3.75 million in October, the slowest pace since August 2010, as mortgage rates reached 7.33%.
