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Mortgage Rates Reach 7.28 Percent and Push Pending Home Sales Down

Rising borrowing costs pushed pending home sales down by 8.5 percent in September as mortgage rates reached a three-year high.

FTMQ Real Estate, written by our newsroom0 views

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Mortgage rates reached 7.28 percent at the end of September, marking their highest level since November 2023. Mortgage Professional America, MPA Magazine, MoneyWise.com, CBS News, and Yahoo all reported that the rise in borrowing costs has depressed home sales across the United States. [1][2][3][8][10]

According to the Zillow September Market Report cited by MPA Magazine, newly pending home sales dropped 8.5 percent compared to the same period last year. Preliminary figures from Zillow showed that closed existing home sales also fell by 2.5 percent year over year to 319,346 transactions. [2]

Data from Freddie Mac cited by MPA Magazine confirmed the rate surge to 7.28 percent. MPA Magazine noted that worsening affordability pressures are actively driving more prospective homebuyers into the rental market. [2]

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In short

  • Mortgage rates reached a three-year high of 7.28 percent at the end of September.
  • Newly pending home sales fell 8.5 percent year over year according to Zillow.
  • Closed existing home sales declined 2.5 percent year over year to 319,346 transactions.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

  1. [1]Mortgage rates at 3-year high push pending sales downMortgage Professional America, 7h ago (the report this story comes from)
  2. [2]Mortgage rates at 3-year high push pending sales downMPA Magazine, 10h ago
  3. [3]Mortgage rates hit 7.28%, a 3-year highMoneyWise.com, 1d ago
  4. [4]3 Mortgage Finance Stocks Retail Investors Are Watching After The Fed Rate HikeSimply Wall Street, 12h ago
  5. [5]3 Mortgage Finance Stocks Retail Investors Are Watching After The Fed Rate HikeSimply Wall Street, 12h ago
  6. [6]3 US Mortgage REIT Stocks Worth Watching as Higher Long Term Rates BiteSimply Wall Street, 4h ago
  7. [7]3 US Mortgage REIT Stocks Worth Watching as Higher Long Term Rates BiteSimply Wall Street, 4h ago
  8. [8]Mortgage rates reach 3-year highs, pushing down housing salesCBS News, 2d ago
  9. [9]3 Illinois Updates That Bolster Mortgage Lender EnforcementLaw360, 1d ago
  10. [10]Mortgage rates reach 3-year highs, pushing down housing salesYahoo, 2d ago

Our newsroom writes these reports with the help of software, from the 10 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

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Earlier reports of ours on the same people and subjects.

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