• Sales of previously owned homes fell 1.5% in September from August to a seasonally adjusted annual rate of 4.71 million units, according to the National Association of Realtors.
• Sharply higher mortgage rates are causing an abrupt slowdown in the housing market.
• The average rate on the 30-year fixed-rate home loan is now just over 7%, after starting this year around 3%.

Tagged: #Bidenflation