US Pending Home Sales Fall 5.4% as Mortgage Rates Hit 6.68% 10-Month High
Updated
Updated · Real Estate News · Jul 16
US Pending Home Sales Fall 5.4% as Mortgage Rates Hit 6.68% 10-Month High
3 articles · Updated · Real Estate News · Jul 16
Summary
June signed home purchase contracts dropped 5.4% from May, reversing a late-spring buyer rush and signaling a weak summer market; sales were down 0.3% from a year earlier.
Freddie Mac's average 30-year mortgage rate rose to 6.55%, while Mortgage News Daily put the daily average at 6.68% after renewed Iran war escalation pushed rates higher.
Record-high home prices and the highest mortgage rates in nearly a year are squeezing first-time buyers, with declines reported across all four U.S. regions.
Mortgage Bankers Association data showed overall loan activity fell 2.7% in the latest week and purchase applications dropped 7%, while Redfin also reported a 2.2% weekly dip in pending sales.
June inflation eased to 3.5%, below the 3.8% forecast, and rising inventory has modestly improved affordability, though renewed energy-price pressure could limit relief later this year.