As interest rates jump, home sales plummet in US
WASHINGTON D.C.: Amidst rapidly-rising interest rates and record-high selling prices, in June U.S. existing home sales fell for a fifth consecutive month to the lowest level in two years.
Mortgage interest rates also surged due to the Federal Reserve's interest rate hikes aimed at curbing inflation, which increased new buyers' monthly payments by more than 50 percent in the first half of 2022.
This week,