U.S. pending home sales fell to their lowest level since early April during the four weeks ending July 26, dropping 1.7% in the last week alone, according to a new report from Redfin. The daily average mortgage rate rose to 6.85% at the end of last week, the highest level in over a year, driven by inflation concerns and volatile oil prices tied to geopolitical tensions. Despite the slowdown, the median U.S. housing payment fell to $2,575, its lowest level in three months, as sellers' median asking prices dropped to their lowest level in a year. New listings dipped to their second-lowest level since the start of 2026, but there are still hundreds of thousands more sellers than buyers, giving buyers negotiating power in most of the country. Redfin agent Bonnie Phillips noted that today's market rewards patience over panic, with bidding wars unlikely and buyers often able to negotiate prices down and get concessions from sellers.
Rocket Companies IncRedfin reports homebuying demand slowing as mortgage rates hit highest level in a year, reducing transaction volumes and revenue for mortgage-related services.