"Weekly pending sales slipped to 70,676 from 72,191 a year ago after mortgage rates rose to 6.64%. Total pending sales remained higher YoY at 380,914."
"Higher mortgage rates have slowed some of the housing data down. In the past, rates above 7% would have dampened the data, but we still haven't broken above 6.64% in 2026."
"Weekly pending sales usually take 30-60 days to hit the sales data. Typically, mortgage rates above 6.64% and breaking over 7% really impact the data."
"A big theme of my work this year is that housing data hasn't been that exciting, as rate volatility continues to affect the market."
Pending home sales fell to 70,676 from 72,191 a year ago due to rising mortgage rates, which reached 6.64%. Total pending sales are higher year-over-year at 380,914, but purchase applications showed only 1% growth. The increase in mortgage rates has slowed housing data, with rates fluctuating recently. A previous streak of six weeks of year-over-year growth ended with a slight decline. Weekly pending sales typically take 30-60 days to reflect in sales data, and rates above 6.64% significantly impact the market.
Read at www.housingwire.com
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