Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
Sales of new homes shot up in September, a sign that some buyers are wading into the housing market even as mortgage rates soar to multiyear highs.
Last week, mortgage rates peaked at 8.02%. The last time rates passed 8% was in 2000, according to separate records maintained by Freddie Mac. The housing market has been torn into by the higher mortgage rates, which have put home purchases out of reach for many prospective buyers. The higher rates have also caused many homeowners to avoid selling because they do not want to give up mortgages they locked in during the ultra-low interest rate period following the pandemic.
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