Fast-rising mortgage rates in September took a harsh toll on the housing market, according to new monthly data released today. Pending home sales, a measure of signed contracts on existing homes, dropped 7.3% from August and were down 11.3% year-over-year, according to the National Association of Realtors. This count reflects buyers out shopping in September, when the average rate on the 30-year fixed mortgage rose sharply. It started the month around 6.8% and hit 7.6% by the end of the month, according to Mortgage News Daily. "Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates," said Lawrence Yun, NAR's chief economist in a release.
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