September Pending Home Sales Fall Sharply as Mortgage Rates Climb

September pending home sales fell 7.3% month over month and 11.3% year over year, far below expectations for a decline of less than 1%. The data reflect signed contracts during a period when the 30-year fixed mortgage rate rose from about 6.8% to 7.6%, according to Mortgage News Daily. The discussion also places the report alongside weaker September housing starts and building permits.

■ Pending home sales
- September decline of 7.3% from August and 11.3% year over year
- Regional drops nationwide, with the largest monthly declines in the South and West

■ Mortgage rate context
- 30-year fixed rate movement from roughly 6.8% to 7.6% during the month
- Realtors' chief economist Lawrence Yun citing mortgage rates, energy prices, and inflation uncertainty

■ Related housing indicators
- September housing starts and building permits both missing expectations
- Single-family starts down more than 4.6% month over month; permits down 4%

This overview is suited to viewers monitoring U.S. housing activity, mortgage-rate effects, and recent economic indicators. It provides a concise look at the September sales data and related construction figures, helping viewers understand the main data points and stated context without offering forecasts or recommendations. Viewers can use the summary to identify key indicators to watch in upcoming housing reports.