US housing market set for worst year since 2008 financial crisis

Oct.20, 2023 -- Sales of US existing homes fell last month to their lowest level since 2010, according to the National Association of Realtors. Existing-home sales are expected to be sluggish this year and are likely to hit their lowest level since the subprime crisis in 2008. On Wednesday, the US 30-year fixed-rate mortgage topped 8 percent, the highest level since 2000. Just two years ago, mortgage rates hovered around 3 percent.