New Home Sales Rose More Than Expected in September

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So higher rates are keeping they're continuing to impact the housing market. What have you learned? That's right. So homebuyers continue to turn to new homes and adjustable rate mortgages in a high price, high rate and low inventory environment. New home sales rose more than expected in September to 759,000 homes of 12% from the month before and up about 34% from a year ago. Well, meantime, adjustable rate mortgage demand hit its highest level in almost a year as borrowing costs keep climbing the average rate for a 30 year fixed mortgage rose to 7.9% last week according to the mortgage Bankers Association and overall mortgage demand stalled at the slowest pace since 1995. Well, in turn adjustable rate mortgages that share rose to 9.5% of overall demand last week. And that was the highest level that we've seen in about a year.