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US single-family homebuilding rebounded in September, boosted by demand for new construction amid an acute housing shortage, but the highest mortgage rates in nearly 23 years could slow momentum and delay the overall housing market recovery.

That was flagged by other data on Wednesday showing applications for loans to purchase a home plunged last week to levels last seen in 1995. In addition, the jump in housing starts partially recouped the decline in August.

The rebound in homebuilding probably reflected permits approved several months ago before mortgage rates broke above 7%. A survey this week showed confidence among single-family homebuilders slumped to a nine-month low in October, with builders reporting lower levels of traffic.

“In the very short-term, single-family construction activity is likely to increase with permits rising in every month of 2023 thus far, but at some point mortgage rates are likely to put a lid on new construction activity for home purchase,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

Single-family housing starts, which account for the bulk of homebuilding, increased 3.2% to a seasonally adjusted annual rate of 963,000 units last month, the Commerce Department said. Data for August was revised to show starts dropping to a rate of 933,000 units instead of 941,000 units as previously reported.

Single-family starts rose in the Midwest, West and the densely populated South, but plunged 19.0% in the Northeast.

The housing market had shown signs of stabilizing before mortgage rates resumed their upward trend late in the summer, with the rate on the popular 30-year fixed mortgage vaulting above 7% in August. According to the Mortgage Bankers Association, the average contract interest rate on a 30-year fixed-rate mortgage rose 3 basis points to 7.70% last week, the highest since November 2000.

Mortgage rates have risen in tandem with the yield on the benchmark 10-year Treasury note, which has spiked to more than a 16-year high, mostly because of expectations that the Federal Reserve will keep interest rates higher for longer in response to the economy’s resilience. Since March 2022, the central bank has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range.

Residential investment has contracted for nine straight quarters, the longest such stretch since the housing market bubble burst, triggering the 2008 global financial crisis and the Great Recession. That downturn probably extended into the third quarter, though overall gross domestic product growth last quarter was likely the fastest since late 2021, thanks to a tight labor market that is underpinning consumer spending.

Stocks on Wall Street were trading lower amid mounting tensions in the Middle East. The dollar rose against a basket of currencies. U.S Treasury prices fell, with the yield on the 10-year bond rising to the highest level since July 2007.

Financial markets expect the Fed will leave rates unchanged at its Oct. 31-Nov. 1 policy meeting, according to CME Group’s FedWatch Tool, given the surge in Treasury yields.

Starts for housing projects with five units or more soared 17.1% to a rate of 383,000 units in September. Overall housing starts accelerated 7.0% to a rate of 1.358 million units in September. Economists polled by Reuters had forecast starts rebounding to a rate of 1.380 million units.

Permits for future construction of single-family homes rose 1.8% to a rate of 965,000 units, the highest since May 2022. Though permits are a leading indicator, economists cautioned against being too optimistic about homebuilding prospects, citing the soaring mortgage rates and souring builder sentiment.

“It’s not lights out for homebuilding, but we don’t know how many more body blows with the Fed’s interest-rate hammer the nation’s housing sector can withstand,” said Christopher Rupkey, chief economist at FWDBONDS in New York.

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SEC punts decisions on XRP, DOGE ETFs

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SEC punts decisions on XRP, DOGE ETFs

SEC punts decisions on XRP, DOGE ETFs

The US Securities and Exchange Commission (SEC) has postponed deciding on whether to greenlight two proposed cryptocurrency exchange-traded funds (ETFs) holding Dogecoin and XRP, filings show. 

The US regulator has delayed its deadline for ruling on the proposed ETF listings until June, according to two filings reviewed by Cointelegraph. 

The filings were responses to March requests from US exchanges NYSE Arca and Cboe BZX Exchange to list Bitwise’s Dogecoin (DOGE) ETF and Franklin Templeton’s XRP (XRP) ETF, respectively. 

They came on the same day that Nasdaq, another US exchange, asked for permission to list a 21Shares Dogecoin ETF

Dogecoin is the world’s most heavily traded memecoin, with a market capitalization of around $26 billion as of April 29, according to data from CoinGecko. XRP is the native token of the XRP Ledger blockchain network. It has a market capitalization of approximately $133 billion, CoinGecko data shows.

SEC punts decisions on XRP, DOGE ETFs
The SEC has delayed its deadline for reviewing Franklin’s XRP Fund. Source: SEC

Related: Institutions break up with Ethereum but keep ETH on the hook

Deluge of filings

In 2025, the SEC has fielded requests to authorize dozens of altcoin ETFs for US listing. As of April 21, approximately 70 crypto ETFs were awaiting the SEC’s review

Asset managers are proposing funds holding “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform. 

The deluge of proposals comes as US President Donald Trump pushes the SEC to take a more accommodating stance toward cryptocurrencies. 

However, analysts caution investor demand for altcoin ETFs may be tepid in comparison to funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).

“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” Balchunas said. 

“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”

Although US exchanges are embracing crypto ETFs, they are also urging the SEC to take a tough regulatory posture toward digital assets. In an April 25 comment letter, Nasdaq encouraged the SEC to hold digital assets to the same compliance standards as securities if they constitute “stocks by any other name.”

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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Stanley Cup playoffs daily: Will the Maple Leafs, Hurricanes move on to Round 2?

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Stanley Cup playoffs daily: Will the Maple Leafs, Hurricanes move on to Round 2?

It seems such a short time ago that all 16 teams began the 2025 Stanley Cup playoffs with a clean slate. On Tuesday night, two teams could have their postseason runs ended.

Can both teams stave off elimination to get another home game out of the 2025 postseason?

Meanwhile in the Western Conference, both series involving Pacific Division teams are tied 2-2 heading back to the higher seed’s domain. Which teams will take pivotal Games 5 in Vegas Golden KnightsMinnesota Wild and Los Angeles KingsEdmonton Oilers?

Read on for game previews with statistical insights from ESPN Research, recaps of what went down in Monday’s games, and the Three Stars of Monday Night from Arda Öcal.

Matchup notes

Ottawa Senators at Toronto Maple Leafs
Game 5 (TOR leads 3-1) | 7 p.m. ET | ESPN

Games 2-4 marked the 11th time in the past 20 years that teams have gone to overtime three straight times in a playoff series.

Jake Sanderson‘s game-winning overtime goal was the first of his career, and he became the ninth defenseman age 22 or younger with an OT goal in the playoffs (and the first for the Senators).

Veteran David Perron scored his first playoff goal with the Senators, the fourth team with which he has scored a postseason goal (Blues, Golden Knights, Ducks).

Matthew Knies scored his sixth career playoff goal, which is tied for the fourth most by a Maple Leafs player age 22 or younger since 1976-77, behind Auston Matthews (12), Wendel Clark (11) and Russ Courtnall (8).

Toronto defensemen have scored five goals this postseason, the most by any team, a surprising outcome given that the Leafs had the fewest goals by defensemen in the regular season (21).

New Jersey Devils at Carolina Hurricanes
Game 5 (CAR leads 3-1) | 7:30 p.m. ET | TBS

The Devils have outscored the Hurricanes at 5-on-5 in the series (7-5), but trail on their own power plays (0-1), the Canes’ power plays (0-4) and when the net is empty (0-2).

Hurricanes goaltender Frederik Andersen was knocked out of Game 4 following a collision with Devils forward Timo Meier. Meier has not scored on Andersen during this series, but scored on his first shot on goal against backup goalie Pyotr Kochetkov.

Andersen’s status is up in the air for Game 5, but he is the current leader among playoff goaltenders in goals-against average (1.59) this postseason, and is second among qualified goalies in save percentage (.936).

Andrei Svechnikov scored his second career playoff hat trick in Game 4. He has two for his career and is the only player in Hurricanes/Whalers franchise history to score a playoff hat trick.

Minnesota Wild at Vegas Golden Knights
Game 5 (series tied 2-2) | 9:30 p.m. ET | ESPN

Game 4 broke one streak and continued another. Ivan Barbashev‘s OT winner snapped a three-game losing streak for Vegas in playoff OT games, while the loss for Minnesota makes it five straight defeats in home playoff games that go to the extra session.

Wild goalie Filip Gustavsson made 42 saves in the loss, his second career playoff game with 40 or more. He is the only goaltender in franchise history with multiple 40-save games in the playoffs.

Kirill Kaprizov registered an assist in the Game 4 loss, giving him eight points in four games this postseason, one behind the leaders.

Vegas forward Tomas Hertl is on a heater. His goal in Game 4 is his third this postseason, and he has eight goals in his past nine games going back to March 22.

The Wild have been mostly effective at keeping Jack Eichel off the score sheet. He had one assist in Game 4, his first point of the series after a team-leading 94 points in the regular season.

Edmonton Oilers at Los Angeles Kings
Game 5 (series tied 2-2) | 10 p.m. ET | TBS

With his two-goal outing in Game 4, Evan Bouchard became the fourth defenseman in Stanley Cup playoff history to have back-to-back multigoal games, joining Rob Blake (2002), Al Iafrate (1993) and Denis Potvin (1981).

Leon Draisaitl — who scored the OT game winner in Game 4 — now has eight four-point games in his playoff career. That’s the fourth most in Oilers history, behind Wayne Gretzky (20), Mark Messier (10) and Jari Kurri (10).

Tied with Draisaitl for the playoff scoring lead is Kings winger Adrian Kempe, who is also tied for the goals lead with four. Kempe had 19 total points in 22 previous playoff games, all with the Kings.

Kings goaltender Darcy Kuemper has been busy, facing 134 shots, which is the second most among postseason goaltenders (Gustavsson is first with 136). Kuemper’s current .881 save percentage is the second worst of his playoff career, narrowly ahead of the .879 he generated while backstopping the Wild for two games in the 2013 playoffs.


Arda’s three stars from Monday night

Johnston scored his first goal of the 2025 postseason nine seconds in, which is tied for the fifth fastest goal to start a game in Stanley Cup playoff history. He had himself a night, with two goals and an assist in the Stars’ win.

Rantanen scored his first postseason goal with the Stars against his old team. Rantanen became the seventh different player in NHL history to score a playoff goal against a team with which he previously tallied 100-plus postseason points. The others: Jaromir Jagr (2012 and 2008 vs. Pittsburgh Penguins), Brett Hull (2002, 2001, and 1999 vs. St. Louis Blues), Wayne Gretzky (1992, 1990, 1989 vs. Edmonton Oilers), Jari Kurri (1992 vs. Oilers), Paul Coffey (1992 vs. Oilers) and Bernie Geoffrion (1967 vs. Montreal Canadiens).

His postgame quotes keep getting better and better, to the point where he deserves a star for saying, “I’m sick of talking about hits” — then asking the media for their thoughts. Love it.


Monday’s scores

Florida Panthers 4, Tampa Bay Lightning 2
FLA leads 3-1 | Game 5 Wednesday

After an exciting, but scoreless, first period, the game heated up even more in the second. Anton Lundell opened the scoring for the Panthers, and Aaron Ekblad delivered a vicious hit to Tampa Bay’s Brandon Hagel; the call was not penalized on the ice, and Hagel would have to leave the game. Thereafter, the Lightning scored two goals within 11 seconds from Mitchell Chaffee and Erik Cernak to take the lead well into the third period. But then in another span of 11 seconds, the Panthers pulled off the same feat, with goals by Ekblad and Seth Jones, sending the building into a frenzy. Carter Verhaeghe added an empty-netter for insurance. Full recap.

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Panthers match Lightning with 2 goals in 11 seconds to take lead

Aaron Ekblad and Seth Jones score within 11 seconds of each other as the Panthers grab a late lead in the third period.

Dallas Stars 6, Colorado Avalanche 2
DAL leads 3-2 | Game 6 Thursday

As wild as the opening game was Monday night, this one looked to be going down the same road early. Dallas’ Wyatt Johnston scored nine seconds into the game, which is the fastest goal ever to start a playoff game in Stars franchise history. Fellow young Star Thomas Harley joined him on the scoresheet with 45 seconds left in the first. From there on, Dallas kept Colorado at arm’s length, with a second-period goal from Mikko Rantanen, another from Johnston and one from Mason Marchment, followed by an empty-netter from Roope Hintz to put an exclamation point on the proceedings. Artturi Lehkonen and Nathan MacKinnon scored in the second period, but that was not nearly enough on this night. Full recap.

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0:34

Stars score in first 9 seconds of the game

Wyatt Johnston wastes no time as he finds the net within nine seconds of play for a Stars goal against the Avalanche.

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Panthers’ Ekblad to have hearing over Hagel hit

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Panthers' Ekblad to have hearing over Hagel hit

Florida Panthers defenseman Aaron Ekblad will have a hearing Tuesday with the NHL Department of Player Safety for elbowing Tampa Bay Lightning forward Brandon Hagel in the head in Game 4 of their series Monday night.

Hagel won’t play in Wednesday’s Game 5.

“He’s not playing tomorrow. And you know why,” said Lightning coach Jon Cooper on Tuesday.

Ekblad’s hearing will be held remotely.

With less than nine minutes left in the second period of Florida’s 4-2 victory, Hagel played the puck out of the Tampa Bay zone near the boards. Ekblad skated in on him and delivered a hit with his right forearm that made contact with Hagel’s head, shoving Hagel down in the process. The back of Hagel’s head bounced off the ice. He was pulled from the game because of concussion concerns and didn’t return to the bench.

Ekblad wasn’t penalized for the hit and remained in the game. He would play a critical role in the Panthers’ late-game rally to take a 3-1 series lead, tying the game with 3:47 left in regulation before Florida defenseman Seth Jones scored the winner 11 seconds later.

Hagel returned to the Lightning lineup in Game 4 after serving a one-game suspension for interference on Florida captain Aleksander Barkov in Game 2. The NHL ruled that Barkov wasn’t eligible to be hit and that Hagel made head contact with him, which forced Barkov out of the game. Barkov returned to the Florida lineup for Game 3, which the Lightning won in Hagel’s absence.

“It’s getting tiresome answering questions about a hit every single game,” Lightning coach Jon Cooper said after the game before asking media members whether they had anything to say about Ekblad’s check, with no takers. “All right, let’s move on,” he said.

Ekblad missed the first two games of the playoffs after he was suspended 20 games without pay in March for violating the NHL and NHL Players’ Association’s policy on performance-enhancing drugs.

The Department of Player Safety did make a ruling on Florida defenseman Niko Mikkola, who received a five-minute major penalty and a game misconduct for boarding Tampa Bay’s Zemgus Girgensons in Game 4. Mikkola was fined $5,000, the maximum allowable under the NHL CBA, but escaped suspension.

Cooper said the physicality of “The Battle of Florida” shouldn’t come as a surprise

“Players are missing games because of it, whether it’s physically or by the league. So it’s going to be talked about. But if anybody’s followed Tampa and Florida over the last five or six years, this is kind of how these series are. This one is a little different because of the major things that have happened, but these are hard-fought series,” he said.

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