Home sales hit 16-year low in October amid record-high mortgage rates

AI desk brief

US existing-home sales fell to a 16-year low of 3.75m in October, down 8.8% year on year, according to NAR, while the median price rose to $416,700. The 30-year mortgage rate was about 7.18%, with the source linking renewed increases to inflation and higher interest rates amid the Iran war. The Fed raised rates in September to 3.75%-4%, and the article anticipates another increase next month. Further tightening could pressure gold if it lifts expected real yields; housing weakness and geopolitical uncertainty leave the near-term bullion direction mixed.