Existing home sales fell to a 3.75M annual pace in October, the weakest since August 2010, while the median price climbed to a record $416,700. The 30-year mortgage sits at 7.11%. The 10-year Treasury crossed 5.13% this week after its sharpest jump since 2022. Almost none of that was decided by housing. The long end of the bond market is being set by a war premium on oil and by the biggest corporate borrowing spree in a generation, and American homebuyers are paying the clearing price for both.