US home sales slumped in October as mortgage rates surged

U.S. sales of previously occupied homes fell 5.5% in October from September, reaching a seasonally adjusted annual rate of 3.75 million, the slowest pace since August 2010. Sales were also down 8.8% from a year earlier and below economists’ expectations. The National Association of Realtors said the decline came as mortgage rates climbed above 7%, increasing borrowing costs for buyers.