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

A maintenance worker sweeps the street in front of a row of new homes in Fairfax, Va., on Aug. 22. Sales of new homes are taking off as current homeowners are reluctant to sell their houses, because they would face a higher mortgage for their next one. (Andrew Caballero-Reynolds/AFP via Getty Images)

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.