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Mortgage Rates

Pending home sales hit record low in September as mortgage rates rise

Pending home sales in the United States fell to a record low in September after mortgage rates exceeded seven percent.

FTMQ Real Estate, written by our newsroom0 views

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Pending home sales in the United States dropped 7.3 percent month over month in September, according to reports from Scotsman Guide, the National Association of Realtors, Realtor.com Research, and CNBC. Realtor.com Research and Haver Analytics both reported that sales fell 11.3 percent year over year, reaching the lowest level in the history of the data. [1][2][4][5][6]

Scotsman Guide reported that the decline was caused by a spike in mortgage rates driven by higher U.S. Treasury yields. Realtor.com Research reported that mortgage rates climbed past seven percent during September for the first time since January 2025. Scotsman Guide and CNBC both reported that contract activity missed expectations. [1][4][6]

Monthly and annual decreases occurred across all four major U.S. regions, Scotsman Guide reported. The West region experienced the sharpest slowdown in both monthly and annual contract activity. National Association of Realtors Chief Economist Lawrence Yun said in a statement that market conditions weakened in September due to fast-rising mortgage rates. [1]

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In short

  • Pending home sales in the U.S. fell 7.3 percent month over month in September.
  • Pending home sales dropped 11.3 percent compared to September of the previous year.
  • Mortgage rates climbed past seven percent for the first time since January 2025.
  • Pending home sales reached the lowest level in the history of the data in September.

Sources

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

  1. [1]Pending home sales plunged in September as mortgage rates surgedScotsman Guide, 14d ago (the report this story comes from)
  2. [2]Pending Home Sales Decreased 7.3% in SeptemberNational Association of REALTORS®, 14d ago
  3. [3]Pending Homes Sales Hit Record Low in SeptemberRealtor.com, 14d ago
  4. [4]Pending Homes Sales Hit Record Low in SeptemberRealtor.com Research, 14d ago
  5. [5]U.S. Pending Home Sales Fall to Record Low in September Amid High Mortgage RatesHaver Analytics, 14d ago
  6. [6]Pending home sales drop 7.3% in September, missing estimatesCNBC, 14d ago
  7. [7]U.S. September Pending Home Sales - More signs of housing seContinuum Economics, 14d ago
  8. [8]Pending Home Sales Hit a Record Low: What the September Data ShowsAround Prague, 14d ago

Background

  1. [9]2008 financial crisis on Wikipedia
  2. [10]Jumbo mortgage on Wikipedia
  3. [11]September on Grokipedia

Our newsroom writes these reports with the help of software, from the 11 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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