Market Feels Effects of Rising Rates, Pending Home Sales Pull Back

The housing market is feeling the effects of rising mortgage rates, with pending home sales pulling back to year-lows last month as homebuyers struggled to put purchases in play, according to the National Association of REALTORS® (NAR). NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, dipped 2.5 percent to 107.3 in November, down from 110.0 in October.
“The budget of many prospective buyers last month was dealt an abrupt hit by the qu