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Pending home sales fall 2.2% as mortgage rates rise again
The weekly average mortgage rate climbed to 6.49% after dipping to 6.43% the prior week, helping push new listings to their lowest level since early 2026.
Would-be buyers pulled back as U.S. pending home sales fell 2.2% week over week during the four weeks ending July 12, the first weekly decline in a month, according to Redfin News.
Redfin said the pullback reflects stubbornly high housing costs, with the weekly average mortgage rate rising back to 6.49% after slipping to 6.43% the previous week, and the daily average rate reaching its highest level in nearly a year.
On the supply side, new listings fell 1.2% week over week to the lowest level since the start of the year, as some homeowners chose to stay put amid subdued demand.
Redfin also pointed to uncertainty in the broader economy, noting that a U.S.-Iran ceasefire ended and oil prices jumped last week, while it cautioned that the week-to-week dip may fall within normal volatility rather than signal a lasting shift in demand.