Economy·October 20, 2026 at 10:06 AM EDT·2 sources
Pending home sales sink to 25-year low as buyers flee high mortgage rates
Outlets covering it2 in 28 hours
Oct 20, 2 PMOct 21, 6 PM
What happened
- Contract signings to purchase homes fell in September to their lowest level on record.
- Buyers fled the housing market after the average 30-year mortgage rate crossed above 7%.
Average 30-year mortgage rate
over 7%
Why it matters
The downturn signals weaker housing-market activity as elevated borrowing costs deter buyers, relevant to real-estate and markets professionals.
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Timeline
- First reported by MarketWatchOct 20Pending home sales sink to 25-year low as buyers flee high mortgage rates
- CNBC reportsOct 21Pending home sales hits 25-year low
Sources (2)
- MarketWatchOct 20Pending home sales sink to 25-year low as buyers flee high mortgage rates
- CNBCOct 21Pending home sales hits 25-year low
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