Pending home sales in the U.S. fell 3.7% week over week to a seasonally adjusted 311,150—the lowest level in more than five months and the steepest weekly decline since 2022—as mortgage rates climbed to their highest in nearly a year, according to a new report from Redfin. The daily average 30-year fixed mortgage rate hit 6.82% as of August 3, near the highest level in over a year, while the weekly average reached 6.66% for the week ending July 30. New listings edged up 1% week over week to a seasonally adjusted 354,313, but active listings slipped 1.5% to 1,468,943. The median sale price rose 2.9% year over year to $406,362, and the median monthly mortgage payment stood at $2,631.
Rocket Companies IncRising mortgage rates reduce homebuying demand, hurting Rocket's mortgage origination business.
