These are 5 ways surging mortgage rates are reshaping the housing market

Mortgage rates have climbed to the highest level in more than two decades — and that's leading to a split-screen market in housing.

Sales of existing homes have fallen sharply, but new homes are selling fast, as the shortage of "For Sale" signs elsewhere drives more buyers to consider new construction.

Here are five things to know about the unusual housing market.

Some would-be buyers are priced out of the market

The Federal Reserve's aggressive interest rate increases since last year have led to much more expensive mortgages.