Pending home sales sink to 25-year low as buyers flee high mortgage rates

Homebuyers are increasingly avoiding the housing market as mortgage rates hit 7%, causing pending home sales to plummet to a 25-year low in September. This shift suggests that high borrowing costs are severely dampening demand, potentially signaling a prolonged slowdown in the real estate sector. With fewer contracts being signed, it's clear that the housing market is under significant pressure, which could have broader implications for economic growth and consumer spending.