Real estate deals canceled at highest rate in nearly a year as mortgage rates tick up

Fifty-three thousand real estate deals were canceled last month — the highest rate in nearly a year — as rising borrowing rates continue to scare off buyers, Redfin reported.

In September, 16.3% of home purchase agreements in the U.S. were canceled, according to the technology-powered real estate brokerage.

That marks the highest percentage of canceled contracts since October 2022, when borrowing rates surpassed 7% for the first time in two decades.

It's up from the 15.2% of purchase agreements that fell through in August and the 15.8% of agreements that...