Contract signings to purchase homes fell in September to the lowest level on record, as buyers fled the housing market in the wake of the average 30-year mortgage rate climbing above 7%. Pending-home sales, which refer to home transactions under contract but have not yet closed, fell in September to their lowest level since 2001, when the National Association of Realtors began tracking the figure. The data suggests that home-buying demand has fizzled out. Pending home sales fell 7.3% in September from the previous month. They were also down 11.3% from the same month last year.
Source: NAR
My Take: The first two months of 2026 was encouraging. There was every indication we were on our way to a balanced market. Think 2019. So many forces have come in to play since the pandemic; war, oil prices, interest rates to name a few. States that experienced a Pandemic Boom ( Florida, Texas, Arizona ) are faced with the biggest corrections.
Mortgage Rates
Decrease to 7.32%
The average 30-year fixed-rate mortgage declined this week, offering some relief to prospective homebuyers.
The 30-year fixed-rate mortgage averaged 7.32% as of October 22, 2026, down from last week when it averaged 7.40%. A year ago at this time, the 30-year FRM averaged 6.19%.
The 15-year fixed-rate mortgage averaged 6.68%, down from last week when it averaged 6.71%. A year ago at this time, the 15-year FRM averaged 5.44%.
