US Existing-Home Sales Edged Up Ahead of Mortgage-Rate Shock

In September, existing home sales in the US saw a modest increase after four months of decline, but this uptick may be short-lived as mortgage rates have surged and prices remain high, likely to keep the housing market sluggish for the rest of the year. The rising mortgage rates are a significant factor, as they typically lead to reduced buying power and slower market activity, indicating that the housing market's recovery may be hampered by these economic headwinds. This situation underscores the challenges faced by prospective homebuyers amid fluctuating interest rates.