US pending home sales just hit a record low, down 3.7% week over week, the steepest decline since 2022, with the 30-year mortgage rate at 6.82%, near the highest in over a year. Purchase applications

What happened: US pending home sales fell 7.3% in September as rising mortgage rates deepened the housing market slowdown, according to the FT. Key numbers: Pending home sales dropped 7.3% in September. Why it matters: The decline brought pending home sales to a record low, with rising borrowing costs cited as the driver of the deepening slowdown.

US pending home sales fell 7.3% in September as rising mortgage rates deepened the housing market slowdown, according to the FT.

The decline brought pending home sales to a record low, with rising borrowing costs cited as the driver of the deepening slowdown.