Pending home sales fall to record low as high mortgage rates take a toll
Signed contracts to buy previously owned homes in the U.S. fell last month to the lowest level on record as a spike in mortgage rates locked many would-be buyers out of the market.
The National Association of Realtors said Thursday that its pending home sales index decreased 1.5% in October to the lowest reading since the gauge was established in 2001. Economists surveyed by Refinitiv had expected contracts to decline by 2%.
"During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20...