Sept 19 – Homebuyers are still signing contracts, but elevated mortgage rates are keeping the housing market from gaining much momentum.
Pending home sales edged up just 0.3% in August from July, according to the National Association of REALTORS®, while remaining 4.7% below August 2025 levels. The modest monthly increase suggests that some buyers are moving forward despite higher borrowing costs, while others continue to wait for more favorable rates.
The 30-year fixed mortgage rate averaged 6.67% in August before climbing above 7% in September. Higher rates are adding pressure to affordability and prompting some prospective buyers to delay their purchases.
Market activity also varies significantly by region. Pending sales increased 3% in the West and 2.3% in the South in August, while the Northeast and Midwest posted declines of 4.2% and 1.6%, respectively.
For buyers and sellers heading into the fall, mortgage rates remain a key factor to watch. While employment and income growth are providing some support for housing demand, higher borrowing costs continue to offset some of that purchasing power.
Read the full story for the latest data on pending home sales, mortgage rates, regional trends, and what housing professionals are seeing in the market.
