US Pending Home Sales Hit Record Low in October Due to Mortgage Rate Spike

Leases & LoansMoney Matters
Written By Jennifer Joslyn

In October, signed contracts to buy previously owned homes in the U.S. plummeted to a record low due to surging mortgage rates, with the National Association of Realtors reporting a 1.5% decline in its pending home sales index, the lowest since its inception in 2001. The housing market faces significant challenges as it deals with limited inventory and historically high mortgage rates, even as rates have recently started to decline.

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Jennifer Joslyn
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