U.S. Pending Home Sales Fall 7.3% in September as Mortgage Rates Rise

U.S. pending home sales fell 7.3% in September as mortgage rates rose, while October builder confidence fell to its lowest level in 14 years, adding to signs of pressure on housing activity. Signed contracts for existing homes were also 11.3% below their year-earlier level. Pending home sales measure contracts signed before purchases close. The largest monthly declines were in the West, at 9.2%, and the South, at 8.2%. The average rate on a 30-year fixed mortgage climbed from about 6.8% at the start of September to 7.6% by month’s end.

Source: TokenPost