Pending home sales, which measure signed contracts on previously owned and existing properties, fell 8.6% from May to June, a much sharper drop than forecast by analysts, who were expecting a 1% drop.
The drop in pending sales coincided with a sharp uptick in mortgage rates, with the average rate on a 30-year fixed loan surpassing 6% last month—up from 3% at the start of the year, according to Mortgage News Daily.
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