Inflation has pushed borrowing costs to squeamish heights, but economists say high mortgage rates aren’t a good reason to stop house hunting.
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Pending home sales fell 7.3% in September and 11.3% year over year to a record low, according to the National Association of Realtors.
The 30-year fixed mortgage rate has topped 7% for the first time since May 2025, prolonging a months-long trend eroding US home sales.